Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. On November 10, Kendra, Inc., a U.S. Company, sold merchandise on credit to Nakakura Company of Japan at the price of 1,500,000 yen. Exchange rate was $0.00837 per yen on date of sale. On December 31, when Kendra made its financial statements, exchange rate was $0.00843. Nakakura Company paid hi full on January 12, when exchange rate was $0.00861. Kendra must create the following journal entry:

 

a Sales 90
  Foreign Exchange Gain 90
b Foreign Exchange Loss 90
  Sales 90
c Accounts Receivable 90
  Foreign Exchange Gain 90
d Foreign Exchange Loss 90
  Accounts Receivable 90
e No journal entry is required until the amount is collected.

 

2. For investments in TRADING SECURITIES, which of the giveb market value changes are recognized in earnings?

a. Realized gains only.
b. Unrealized gains only.
c. Realized losses only.
d. Unrealized losses only.
e. Unrealized and realized gains and losses.

 

3. Unrealized holding gains and losses are recorded directly in the owners' equity account for investments in:

a. Trading securities.
b. Securities available for sale.
c. Common stock for which the holder has significant influence.
d. Bonds to be held to maturity.

 

4. York, Inc., owns 40 percent of outstanding stock of Bay Company. In 20X5, York received a $4,000 cash dividend from Bay. What effect did this have on York's 20X5 financial statements?

a. Increased total assets.
b. Decreased investment account.
c. Increased income.
d. Decreased total assets.
e. Decreased income.

 

5. Company had net income of $43,000, net sales of $380,500, and total assets of $220,000. Its profit margin and total asset turnover were, respectively:

a. 11.3%; 1.73.
b. 11.3%; 19.5.
c. 1.7%; 19.5.
d. 11.3%; 19.5.
e. 19.5%; 11.3.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921826

Have any Question? 


Related Questions in Accounting Basics

Please answer the following question analysis needed with

Please answer the following question. Analysis needed with explanation. Use in-text citation and reference page if necessary in APA format. Answers should be must be plagiarism free. Zaldor Corporation sells a specialize ...

Required 1 provide fletchers ceo with an interactive report

Required 1. Provide Fletcher's CEO with an interactive report presenting the sales and profits of SuperDepot for the last four years. Use an interactive visualization software(Power BI) to produce one or more Interactive ...

Cvp analysis in service companies please respond to one of

"CVP Analysis in Service Companies" Please respond to one of the following: Option 1 Imagine that you are the cost accounting manager and the director of your present or past organization. Management wants your opinion o ...

Question 1a firms legal capital is defined as the par value

Question 1 A firm's legal capital is defined as the par value of its common stock. The following table represents a scaled version of the equity account of FIRM XYZ: Common stock at par R 136586 Paid-in capital in excess ...

Principles of accountingthere are 10 questions each worth

Principles of Accounting There are 10 questions, each worth 10 points. Answer them fully and upload your document to the dropbox below. QUESTION 1 Harriet's Toy Shop had net sales of $852,000. The gross profit was $230,0 ...

Assignmentexercise 1 treatment of nsf checkthe bank

Assignment Exercise 1 Treatment Of NSF check The bank statement of Stone Supplies included a $300 NSF check that one of Stone's customer had written to pay for services that were provided by Stone. Required a. Show the e ...

Construct a time series plot what type of pattern exists in

Construct a time series plot. What type of pattern exists in the data? Quarter Year 1 Year 2 Year 3 1 923 1112 1243 2 1056 1156 1301 3 1124 1124 1254 4 992 1078 1198 Use a multiple regression model with dummy variables a ...

Decide upon an initiative you want to implement that would

Decide upon an initiative you want to implement that would increase sales over the next five years, (for example, market another product, corporate expansion, and so on). Using the sample financial statements, create pro ...

Part 1true false questionsselect the correct answer1 a

Part 1: True / False Questions Select the correct answer 1. A single plant-wide overhead rate generally provides more accurate product costs than multiple departmental overhead rates. True False 2. The use of a predeterm ...

Please give full info for resources used and cite where

Please give full info for resources used and cite where appropriate in APA style. Show all calculations to any work necessary. Answer both questions. As a Financial Accountant, determine the best type of income statement ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen