University:
Stanford University
Course:
ACCT 210 | Financial Accounting
Academic year:

2024
Views:

90

Pages:

2
Author:

T. Elton

Foreign Currency Translation Toyah Corporation purchases merchandise on October 1 from a supplier in the nation of Marfaland. The national currency of Marfaland is the jal. The purchase contract calls for Toyah Corporation to pay 100,000 jals on October 31. The value of the jal in U.S. dollars on the pertinent dates is as follows: Required: Prepare the necessary general journal entries on the books of the Toyah Corporation. Foreign Currency Translation for a Credit Sale Palatka Company sells merchandise on July 1 to a customer in the nation of Ratonia. The national currency of Ratonia is the boca. The sales contract calls for the customer to pay Palatka 60,000 bocas on July 31. The value of the boca in U.S. dollars on the pertinent dates is as follows: Required: Prepare the necessary general journal entries on the books of the Pal-atka Company. Credit Purchase with Interim Adjustment Dalies Corporation purchases merchandise from a supplier located in the nation of Mesilla on December 15. The national currency of Mesilla is the belen. The contract calls for Dalies Corporation to pay 80,000 belens on January 15. Dalies Corporation uses the calendar year for its fiscal year. The value of the belen in U.S. dollars on the pertinent dates is as follows: Required: Prepare the necessary general journal entries on the books of the Dal-ies Corporation. Credit Sale with Interim Adjustment Island Company sells merchandise on December 20 to a customer in the nation of Cancunia. The national currency of Cancunia is the aku-mal. The sales contract calls for the customer to pay Island 50,000 ak-umals on January 20. The value of the akumal in U.S. dollars on the pertinent dates is as follows: Required: Prepare the necessary general journal entries on the books of the Island Company.

Financial Statement Analysis: Foreign Currency Translation (Exercise)

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