Acc 407- Advanced Accounting

U.S. Multinationals
Problems 11.3 (page 500)
Zonal Corporation and Iberia CompanyPr. 113
a.Zonal Corporation
ledger Entries

2005
Nov19 carry on Accounts Receivable (£38,000 x $1.45)55100
gross revenue55100

19 be of Goods Sold40000
Inventories40000

30Foreign Currency dealing Losses[(£38,000 x ($1.45 $1.44)]380
Trade 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
engage 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.Mapleleaf Company
Translation of Financial asseverations
For Year terminate December 31, 2005
CanadianExchange
dollarsratesU.S. dollars
Income Statement
fare revenue$C800000$0.79$632000
organic costs and expenses7000000.79553000
Net income$C100000$79000

Statement of Retained Earnings
Retained...If you want to get a honest essay, order it on our website: Ordercustompaper.com



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