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Category > Accounting Posted 03 Aug 2017 My Price 6.00

Acme Corporation

Acme Corporation (a U.S. company located in Sarasota, Florida) has the following import/export

transactions in 2015:

 

March 1 Bought inventory costing 50,000 pesos on credit.

May 1 Sold 60 percent of the inventory for 45,000 pesos on credit.

August 1 Collected 40,000 pesos from customers.

September 1 Paid 30,000 pesos to creditors

 

Currency exchange rates for 1 peso for 2015 are as follows:

 

March 1 $0.17

May 1 0.18

August 1 0.19

September 1 0.20

December 31 0.21

 

For each of the following accounts, how much will Acme report on its 2015 financial statements?

a.Inventory.

b.Cost of Goods Sold.

c.Sales.

d.Accounts Receivable.

e.Accounts Payable.

f.Cash.

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 10:08 PM My Price 6.00

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