Acc 407- Advanced Accounting

U.S. Multinationals Problems 11.3 (page 500) Zonal Corporation and Iberia CompanyPr. 113 a.Zonal Corporation leger Entries 2005 Nov19 carry on Accounts Receivable (£38,000 x $1.45)55100 gross revenue55100 19 be of Goods Sold40000 Inventories40000 30Foreign specie dealing Losses[(£38,000 x ($1.45 $1.44)]380 take Accounts Receivable380 Dec19Cash (£38,000 x $1.43)54340 Foreign Currency Transaction Losses [£38,000 x ($1.44 $1.43)]380 Trade Accounts Receivable54720 b. Iberia Company Journal Entries 2005 Jun30Notes Receivable (LCU7,500 000 x $0.014)105000 Sales105000 30Cost of Goods Sold75000 Inventories75000 Aug29Cash (LCU 7,650,000 x $0.016)122400 Notes Receivable105000 oblige Revenue ($105,000 x 0.12 x 60/360)2100 Foreign Currency Transaction Gains [LCU 7,650,000 x ($0.016 $0.014)]15300 12.7 (page 537) double birdie CorporationPr. 127 a.Ma pleleaf Company Translation of Financial asseverations For Year terminate celestial latitude 31, 2005 CanadianExchange dollarsratesU.S. dollars Income Statement fare revenue$C800000$0.79$632000 organic costs and expenses7000000.79553000 concluding income$C100000$79000 Statement of Retained Earnings Retained...If you want to get a honest essay, order it on our website: OrderEssay.net

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