156. Texana Inc. imports inventory from Mexico. Prepare the journal entries for Texana to record the following transactions. Include any year-end adjustments.
Dec 21
Purchased inventory from Acquilla Co. for 500,000 Mexican pesos. The exchange rate was $0.0914 per peso. The credit terms were n/30.
Dec 31
The exchange rate was $0.0917 per peso.
Jan 20
Paid Acquilla Co. for the December 21 purchase. The exchange rate was $0.0920 per peso.
157. Mian, Inc., sells American gourmet foods to merchandisers in Singapore. Prepare the journal entries for Mian to record the following transactions. Include any year-end adjustments.
Dec 20
Sold items to Solingen, Inc., for 60,000 Singapore dollars. The exchange rate was $0.476 per Singapore dollar. The purchase terms were n/30.
The exchange rate was $0.480 per Singapore dollar.
Jan 17
Received payment from Solingen for the December 20 sale. The exchange rate was $0.495 per Singapore dollar.
158. The following information is available from the financial statements of Cosmotropolis:
2012
2013
2014
Total assets, December 31
$341,585
$395,412
$922,357
Net income
35,550
49,512
68,149
What is Cosmotropolis’ return on total assets for 2013?
159. The following information is available from the financial statements of Cosmotropolis:
What is Cosmotropolis’ return on total assets for 2014?
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here