Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 12.00

Coyote Corp

 

Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2011:

Mar. 1 - bought inventory costing 60,000 pesos on credit

May 1 - sold 60% of the inventory for 54,000 pesos on credit

Aug. 1 - collected 48,000 pesos from customers

Sept. 1 - paid 36,000 pesos from customers

 

 

The appropriate exchange rates during 2011 were as follows:

Mar. 1 - $.20 = 1 peso

May 1 - $.22 = 1 peso

Aug 1 - $.23 = 1 peso

Sept. 1 - $.24 = 1 peso

Dec. 31 - $.25 = 1 peso

 

1. Prepare all journal entries in U.S. dollars along with any Dec. 31 adjusting entries. Coyote uses a perpetual inventory system.
2. What amount will Coyote Corp report in its 2011 balance sheet for Inventory?
3. What amount will Coyote Corp report in its 2011 income statement for Cost Of Goods Sold?
4. What amount will Coyote Corp report in its 2011 income statement for Sales?
5. What amount will Coyote Corp report in its 2011 balance sheet for Accounts Receivable?
6. What amount will Coyote Corp report in its 2011 balance sheet for Accounts Payable?
7. What amount will Coyote Corp report in its 2011 balance sheet for Cash?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 10:08 PM My Price 12.00

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