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Category > Accounting Posted 05 Aug 2017 My Price 7.00

Acme Corporation

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

 

transactions in 2011:

 

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 2011 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 2011 financial statements?

 

a.Inventory.

 

b.Cost of Goods Sold.

 

c.Sales.

 

d.Accounts Receivable.

 

e.Accounts Payable.

 

f.Cash.

 

 

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Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 10:08 PM My Price 7.00

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