Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]):
| Cash | NGN | 16,780 | Notes payable | NGN | 20,360 | |
| Inventory | 11,800 | Common stock | 22,200 | |||
| Land | 4,180 | Retained earnings | 11,100 | |||
| Building | 41,800 | |||||
| Accumulated depreciation | (20,900 | ) | ||||
| NGN | 53,660 | NGN | 53,660 | |||
The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place:
| 2020 | |||
| Feb. | 1 | Paid 8,180,000 NGN on the note payable. | |
| May | 1 | Sold entire inventory for 17,800,000 NGN on account. | |
| June | 1 | Sold land for 6,180,000 NGN cash. | |
| Aug. | 1 | Collected all accounts receivable. | |
| Sept. | 1 | Signed long-term note to receive 8,180,000 NGN cash. | |
| Oct. | 1 | Bought inventory for 20,180,000 NGN cash. | |
| Nov. | 1 | Bought land for 3,180,000 NGN on account. | |
| Dec. | 1 | Declared and paid 3,180,000 NGN cash dividend to parent. | |
| Dec. | 31 | Recorded depreciation for the entire year of 2,090,000 NGN. | |
The U.S dollar ($) exchange rates for 1 NGN are as follows:
| 2011 | NGN 1 | = | $ | 0.0066 |
| 2013 | 1 | = | 0.0060 | |
| August 1, 2019 | 1 | = | 0.0080 | |
| December 31, 2019 | 1 | = | 0.0082 | |
| February 1, 2020 | 1 | = | 0.0084 | |
| May 1, 2020 | 1 | = | 0.0086 | |
| June 1, 2020 | 1 | = | 0.0088 | |
| August 1, 2020 | 1 | = | 0.0092 | |
| September 1, 2020 | 1 | = | 0.0094 | |
| October 1, 2020 | 1 | = | 0.0096 | |
| November 1, 2020 | 1 | = | 0.0098 | |
| December 1, 2020 | 1 | = | 0.0100 | |
| December 31, 2020 | 1 | = | 0.0120 | |
| Average for 2020 | 1 | = | 0.0110 | |
Assuming the NGN is the subsidiary's functional currency, what is the translation adjustment determined solely for 2020?
Assuming the U.S.$ is the subsidiary's functional currency, what is the remeasurement gain or loss determined solely for 2020?
(Input all amounts as positive. Enter amounts in whole dollars.)
a .Positive translation adjustment ?
b. Remeasurement gain ?
Thank you
In: Accounting
Technology ((i.e., TI Calculator, free web applets, Excel) plays an important role in statistics; it can be used to calculate formulas, perform tests, or display data. Please discuss how you use technology in this course and share any other resources that you find helpful.
In: Statistics and Probability
Hi there I need to write an ethic issue in technology but I am struggling to choose a topic. I am asking about the possibility of "Ethical issues" topics that is tread common in technology. Would anyone can give me some options to choose from. Thank you.
In: Computer Science
Entry to the AI, robotics and blockchain: Make use of value chain management theories and discuss how the rural poor can gain access to the technology or 5G (fifth generation cellular network technology)? Note: please consider the role of Independent Communications Authority of South Africa (ICASA)
In: Operations Management
CP12-47 (similar to) Tree Top Company is considering raising additional capital for further expansion. The company wants to finance a new business venture into guided trips down the Amazon River in South America. Additionally, the company wants to add another building on their land to offer more services for local customers.
Tree Top Company plans to raise the capital by issuing $800,000 9%,six-year
bonds on January 2,2020.The bonds pay interest semiannually on June 30 and December 31. The company receive $798,680
when the bonds are issued.
The company also issues a mortgage payable for
$825,000
on January 2,
20202020.
The proceeds from the mortgage will be used to construct the new building. The mortgage requires annual payments of $55,000
plus interest for fifteen
years, payable on December 31. The mortgage interest rate is
10%
now record the semiannual bond interest payment on December 31,
2020
In: Accounting
Given the Abdulla Company’s Trial Balance of April 30, 2020, a) record the following transactions. b) What is the effect of the following transactions to the merchandise inventory account and the sales?
|
Debit |
Credit |
|
|
Cash |
130,000 |
|
|
Merchandise Inventory |
20,000 |
|
|
Capital |
100,000 |
|
|
Sales |
50,000 |
May 14 The Company sold merchandise to Majid Company AED 90,000 terms 2/10 net 60.
The merchandise had a cost of AED 40,000.
May 15 The Company purchased merchandise from Saif Company 80,000 with terms 2/10 net 30.
Made a down payment of 20,000.
May 20 Collected 90% of the account receivable from Majid Company.
May 21 Collected 10% of the account receivable from Majid Company.
May 24 The Company paid the balance owed to Saif Company entry May 15.
Answer:
a) record the transactions.
b) What is the effect of the following transactions to the merchandise inventory account and the sales?
In: Accounting
Problem 14-9
Grouper Cosmetics Co. purchased machinery on December 31, 2016,
paying $52,300 down and agreeing to pay the balance in four equal
installments of $44,800 payable each December 31. An assumed
interest of 8% is implicit in the purchase price.
Prepare the journal entries that would be recorded for the purchase
and for (1) the payments and (2) interest on the following dates.
(Round answers to 0 decimal places, e.g. 38,548. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
| (a) | December 31, 2016. | |
| (b) | December 31, 2017. | |
| (c) | December 31, 2018. | |
| (d) | December 31, 2019. | |
| (e) | December 31, 2020. |
|
No. |
Account Titles and Explanation |
Debit |
Credit |
| (a) | |||
| (b) (1) | |||
| (b) (2) | |||
| (c) (1) | |||
| (c) (2) | |||
| (d) (1) | |||
| (d) (2) | |||
| (e) (1) | |||
| (e) (2) | |||
In: Accounting
Cows are munching down zucchini, yellow squash and cabbage that Southern Valley Fruit and Vegetable farms grew and picked for restaurants and other institutions.
It’s one way the company is trying to make use of the glut of south Georgia vegetables caused by the closure of dining spots, schools and other big buyers. South Georgia farmers ship food from Florida to Canada, but the closures cost them 40- to 50% of their market. Growers are caught between being unable to sell all their crop and selling what they can in a flooded market with dropping prices. [Atlanta Journal and Constitution, May 3, 2020]
Please don't copy other Chegg answers, thank you!
In: Economics
A system financed primarily through retrospective fee-for-service insurance reimbursement is:
| A. |
A closed system. |
|
| B. |
An open-ended system. |
|
| C. |
A cost-plus system |
|
| D. |
Both B and C. |
In: Economics
(Optimization) A cylindrical container w/ circular base is to hold 64 in3. Find the dimension so that the amount of metal required is a minimum when the container is a) an open cup and b) closed can.
In: Math