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Lancer, Inc. (a U.S.-based company), establishes a subsidiary in Croatia on January 1, 2019. The following account balances for the year ending December 31, 2020, are stated in kuna (K), the local currency:
Sales K 200,000
Inventory (bought on 3/1/20) 100,000
Equipment (bought on 1/1/19) 60,000
Rent expense 12,000
Dividends (declared on 10/1/20) 22,000
Notes receivable (to be collected in 2023) 36,000
Accumulated depreciation—equipment 18,000
Salary payable 5,000
Depreciation expense 6,000
The following U.S.$ per kuna exchange rates are applicable:
January 1, 2019 $0.19
Average for 2019 0.20
January 1, 2020 0.24
March 1, 2020 0.25
October 1, 2020 0.27
December 31, 2020 0.28
Average for 2020 0.26
Lancer is preparing account balances to produce consolidated financial statements.
Assuming that the kuna is the functional currency, what exchange rate would be used to report each of these accounts in U.S. dollar consolidated financial statements?
Assuming that the U.S. dollar is the functional currency, what exchange rate would be used to report each of these accounts in U.S. dollar consolidated financial statements?
(For all requirements, round your answers to 2 decimal places.)
The question is about what currency rates will be used if
Assuming Kuna is the functional currency preparing accounts in US$
Sales $769,230.77
Inventory $400,000
Equipment $315,789.47
Rent Expense $46,153.85
Dividends $81,481.48
Notes Receivable $138,461.54
Accumulated Depreciation - Equipment $69,230.77
Salary Payable $19,230.77
Depreciation Expense $23,076.72
If US$ is the functional currency, preparing accounts in Kuna
Sales K 200,000
Inventory K 100,000
Equipment K 60,000
Rent Expense K 12,000
Dividends K 22,000
Notes Receivable K 36,000
Accumulated Depreciation - Equipment K 18,000
Salary Payable K 5,000
Depreciation Expense K 6,000
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Answer:
a. Sales 0.26
Inventory 0.28 (12/31/20 rate)
Equipment 0.28 (12/31/20 rate)
Rent Exp 0.26
Dividends 0.27 (declared date 10/1/20)
Notes Receivable 0.28 (12/31/20 rate)
Acc. Depreciation-equipment 0.28 (12/31/20 rate)
salary payable 0.28 (12/31/20 rate)
Depreciation exp. 0.26
b. Sales 0.26
Inventory 0.25
Equipment 0.19
Rent Exp 0.26
Dividends 0.27
Notes Receivable 0.28
Acc. Depreciation-equipment 0.19
salary payable 0.28
Depreciation exp. 0.19
Explanation:
a. We utilized the weighted average exchange rate for 2020 bec. each revenue and expense would have been recognized evenly throughout the year. Inventory, Equipment, Notes Receivable, Acc. Depreciation & Salaries payable are translated at the exchange rate in effect at the date of accounting recognition 12/31/2020. Dividends is the only acct. translated to when date of declaration.
b. All rates are the same except Inventory, Equipment, Acc. Depreciation & Depreciation Exp, they are translated at the exchange rate during purchase.
what is Economics in simple terms
Answer:
The New York Stock Exchange in New York City, USA. Economics is the social science which studies economic activity: how people make choices to get what they want. It has been defined as "the study of scarcity and choice" and is basically about the choices people make.
Explanation:
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To be protected under the Copyright Act, a work must be a. a concept, principle, or discovery. b. none of the choices. c. an inseparable idea and expression. d. original and fixed in a durable medium.
In order to be protected under the copyright act, a work has to be original and fixed in a durable medium.
The answer to this question is option d. The copyright act can be described as the type of ownership that is protected by the law. The protection is offered based on the fact that the ideas are original.
It offers a genuine protection for the original author. The basic idea behind this is to create a balance between the interest of the public users and the rights of the person that authored the work.
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Answer:
The answer is option D.
Explanation:
I answered this question on a test.
Explain how using a credit card can be similar to
getting an interest free loan
Answer: Credit cards can easily work as a short-term loan, but cards that offer 0% APR for a limited time have the potential to be “free.” The key to using a credit card as an interest-free loan is making sure you can pay every cent of your balance off before your card's introductory offer ends.
Explanation:
how can we manage tour from Heathrow Airport to London?
Answer:
Heathrow Airport, originally called London Airport until 1966 and now known as London Heathrow, is a major international airport in London, England. With Gatwick, City, Luton, Stansted and Southend, it is one of six international airports serving the London region.
Explanation:
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Suppose you are the owner of a firm producing jelly beans. Your production costs are shown in the following table. Initially, you produce 100 boxes of jelly beans per time period. Then a new customer calls and places an order for an additional box of jelly beans, requiring you to increase your output to 101 boxes. She offers you $1.50 for the additional box. Should you produce it? Why or why not?
Answer:
we cant say beacause we dont know average variable cost.
Explanation:
Since we don't know the typical variable cost, we are unable to say.
What is the cost?A cost is the amount of money that has been spent to produce something or provide a service and is thus no longer accessible for use. In business, the cost could be one of acquisition, in which case the money spent to obtain it is recognized as cost. In this situation, money is the input that is used to purchase the item.
The owner of a firm producing jelly beans. Your production costs are shown in the following table. Initially, you produce 100 boxes of jelly beans per time period. Then a new customer calls and places an order for an additional box of jelly beans, Since we don't know the typical variable cost, we are unable to say.
Therefore, Typical variable cost, we are unable to say.
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Research and find out about the changes in business sectors of Pakistan from 1947 to date. Give reasons for the changes you have identified. (10)
Answer:
Since Indian independence in 1947, the economy of Pakistan has emerged as a semi-industrialized one, the on textiles, agriculture, and food production, though recent years have seen a push towards technological diversification. ... Pakistan suffered its only economic decline in GDP between 1951 and 1952.
5. Describe what causes a change in demand.
Answer: A change in demand describes a shift in consumer desire to purchase a particular good or service, irrespective of a variation in its price. The change could be triggered by a shift in income levels, consumer tastes, or a different price being charged for a related product.
Explanation: mark me brainly please
Maximum 500 words.. Develop your unique sales strategies to sell your product or services to
a. A community that has NEVER used any of such product.
b. A community who has been using your competitors product.
please write 500 words please help
To develop a unique sales strategy to sell your products or services to a community that has never used any of the services and a community that has used your competitors' product, the focus must be on creating value for the consumer.
Now in detail, let's analyze how strategies could be carried out for each specific situation:
A community that has never used any of these products:The focus would be on product promotion. Marketers should develop advertising and promotion campaigns that would generate awareness about the product and its benefits, and create consumer desire.
A community that has used its competitors' product:The focus in this situation is on the creation of differentiation, which is a strategy for consumers to be able to perceive different benefits and features in their product that generate more value and satisfaction than the product of competitors.
Therefore, each strategy must be aligned with the satisfaction of a specific need, generating efforts to create products and services that generate advertising engagement, satisfy consumer needs, generate the desire for purchase, have quality and create value.
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What problems do you think might arise in extreme programming teams where many management decisions are devolved to the team members
You are planning to write your resume and take pride in your ability to describe your strengths. What do experts recommend when writing your resume? HELP ASAP
Both answers A and B
Write a clear strong statement of your accomplishment
Write a statement of your potential, talents, and current responsibilities
If your skill have been used in the past and will continue to be used
If a person is planning to write their resume and take pride in their strengths, it's advisable to write a clear strong statement of your accomplishments and a statement of their potential, talents, and current responsibilities.
A resume simply means a brief account of the personal, professional qualifications, educational qualifications, experience etc of a person.
It should be noted that when writing a resume, it's important to have a clear strong statement of your accomplishment as well as a statement of your potential, talents, and current responsibilities.
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Compare your results to the industry ratios and describe what NMC should do to improve its position in the market.
Answer:
sorry need points ok.
Explanation:
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If Pizza Hut uses digital media along with more traditional newspaper ads to create a more synchronized and consistent message for customers, it is most likely engaging in
The creation of a synchronized and consistent message for the customers of Pizza Hut using digital media and traditional newspaper ads shows that Pizza Hut is most likely engaging in: Integrated Marketing Communications (IMC).
What is Integrated Marketing Communications (IMC)?Integrated Marketing Communications (IMC) can be described as the promotion and the application of marketing efforts in consistently passing a persuasive message that has impact on customers.Various promotion elements are synchronized to improve the effectiveness and efficiency of budget allocated to promotion.Thus, the creation of a synchronized and consistent message for the customers of Pizza Hut using digital media and traditional newspaper ads shows that Pizza Hut is most likely engaging in: Integrated Marketing Communications (IMC).
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Please pick one of your favorite or least favorite brands and go to its website. Please evaluate the website according to 7 C's: context, content, community, customization, communication, connection, and commerce. Please summarize whether you consider the website effective/ineffective and what recommendations you would make to the brand in improving the website.
Contingent liabilities are only recognized if they arise from past events. Group startsTrue or False
The question which asks if contingent liabilities are only recognized if they arise from past events is:
FalseAccording to the given question, we are asked to see that we need to find out if contingent liabilities are only recognized if they arise from past events or whether there are other factors involved.
As a result of this, we can see that contingent liabilities has to do with a liability which can occur later in the future and which the finance can be adequately estimated or calculated, such as a potential lawsuit which could lead to an out of court settlement.
Therefore, the correct answer is False
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outlook 365 can be described as a personal information manager true or false
Answer:
True.
Explanation:
If you search up this exact question, your number one answer should be from wikipedia. It says, and I quote:
"Microsoft Outlook is a personal information manager software system from Microsoft, available as a part of the Microsoft Office suite. Though primarily an email client, Outlook also includes such functions as calendaring, task managing, contact managing, note-taking, journal logging, and web browsing."
Gina Morales had taxable income of $35,950 in 2020. She will file a return using the single filing status. Her income consisted of ordinary and qualified dividend income of $2,000, reported to her on Form 1099-DIV. The rest of her income was from wages. What tax rate will apply to Gina's qualified dividends
The applicable tax rate to Gina's qualified dividends is 0%.
Gina's qualified dividends of $2,000 are below the threshold for long-term capital rates of 15% and 20%. Based on Gina's single filing status with a taxable income of $35,950, which falls under the 12% taxable income bracket, she will not be paying any tax on her qualified dividends. But she must still disclose the qualified dividend income on her tax form.
Thus, the tax rate that applies to Gina's qualified dividends is 0%.
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Bridger Ski Co. has developed a tract of land into a ski resort. The company has cut the trees, cleared and graded the land and hills, and constructed ski lifts. a. Should the tree cutting, land clearing, and grading costs of constructing the ski slopes be debited to the land account
Answer:
A. Yes
B. No
Explanation:
According to the question, option A, The tree cutting, and land clearing answer is yes, and for option B costs of constructing the ski slopes be debited to the land account the answer is NO.
What is the land account?A land account organizes information on land value, usage, and cover in a consistent manner throughout time and space. This kind of information organization demonstrates the connections between environmental and economic processes as they occur throughout our planet.
A land account lays the groundwork for understanding Australia's land and aiding in improved decision-making. It serves as the basis for several additional accounts, including ecosystem accounts.
Using a land account, we can:
Monitor changes in vegetation and land cover and comprehend their timing and mechanisms; assess policies and programs to determine whether they are having the desired effect, and comprehend the effects of various land uses on the environment and the economy.
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I need help for this answer because i want to make sure if im correct or wrong. You will get 30 points for this
The answer is option 4.
A double-entry accounting system is a system in which business transactions are recorded from dual aspects (from both the sides / aspects :- the receiver & the giver..the debit & the credit).
_____
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What is important team leaders training
Answer:
Team Leadership is a skills-based, practical training program that can be delivered face-to-face, virtually, or online. It's designed to give your team leaders the process, tools, and leadership skills they need to empower team members, improve productivity, and increase the success of your team initiatives.
Which of the following statements is true about taxes?
A)Taxes pay for schools first responders and roads.
B)Taxes pay toll road fees and office buildings.
C)Taxes are only collected by the federal government.
D)Taxes are only collected by state governments.
The statement that is true about taxes is that A. Taxes pay for schools first responders and roads.
Taxes simply means the compulsory levies that are paid by individuals and firms to the government. The revenue gotten from taxes is vital for the development of an economy.
Tax revenues can be used in providing infrastructural facilities and pay for schools first responders and roads. First responders include police, firefighters, paramedics, etc.
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Answer:
Your answer is: A)Taxes pay for schools first responders and roads.
Explanation:
Give your opinions on this quote: To win a negotiation, you have to show you're willing to walk away. And the best way to show you're willing to walk away is to walk away (Michael Weston).
Answer:
The quote is pretty much true, and agreeable. If you want to win something, you gotta be able and willing to lose it. And the best way to show you're willing to do something? Do it.
Explanation:
^^
Consumer A consumes gasoline Rmb 200 yuan while consumer B purchases 20 liters of gasoline every time. What are the price elasticities of these two consumers?
The price elasticity of these two buyers is different because consumer A only has 200 yuan and buys as much gasoline as can be with that money, while consumer B needs 20 liters regardless of its price.
The price elasticity of demand is a term that refers to the change in the quantity demanded of a good when its price changes. According to the above, the elasticity of the consumer A does vary because he only has 200 yuan to buy gasoline, so if the value of gasoline increases, he will be able to buy less gasoline.
On the other hand, consumer B does not have much interest in the value of gasoline because he needs 20 liters, that is, if the value increases or decreases, he will continue to buy the 20 liters regardless of its value.
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write the interrelationship between education and profession
Explanation:
in order to have a profession you need to get an education first ... if you start out working along side someone,that someone is giving you an education in how to do the job you want to do. if you are planning a profession such as a doctor or a lawyer , prepare yourself for a lot of education..
Explain how Nike came to that situation through its expansion strategy
Answer:
Other than its superior products, it was able to expand thanks to its use of global marketing strategies to help expand its business globally and gain market share everywhere. Nike was able to use social media presence and strategic partnership and sponsorship to gain global consumers and market share
Explanation:
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if someone wanted to find out how much money a company made during a particular year, the best financial statement to use would be the
Answer:income statement
Explanation:
If someone wanted to find out how much money a company made during a particular year, the best financial statement to use would be the income statement.
What is an income statement?An income statement displays the revenues, costs, and profitability of a business over time. It is also sometimes referred to as an earnings statement or a profit-and-loss (P&L) statement. It describes the process by which the revenues, or "top line," are converted into net income or net profit. Managers and investors can determine whether a company made money (profit) or lost money (loss) during the reporting period by looking at the income statement.
A period of time is represented by an income statement. The balance sheet, on the other hand, only depicts one point in time. You may better comprehend your company's financial situation by comparing the income statement to the balance sheet, cash flow statement, and cash flow forecast.
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Use Apple’s financial statements in Appendix A to answer the following. Required: 1. Is Apple’s statement of cash flows prepared under the direct method or the indirect method? 2. For each fiscal year 2019, 2018, and 2017, identify the amount of cash provided by operating activities and cash paid for dividends. 3. In 2019, did Apple have sufficient cash flows from operations to pay dividends? 4. Did Apple spend more or less cash to repurchase common stock in 2019 versus 2018?
Apple’s statement of cash flows was prepared under the indirect method. This was because the net income approach was used.
Based on the complete information, the amount of cash provided by operating activities and cash paid for dividends for the fiscal years will be:
Cash provided = 63598, 65824, and 81266.Payments of dividend = 12769, 12150, and 11561.In 2019, Apple had sufficient cash flows from operations to pay dividends. It had surplus cash after the dividend was paid.
Lastly, Apple spent more cash to repurchase common stock in 2019.
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Answer:
Explanation:
Apple’s statement of cash flows was prepared under the indirect method. This was because the net income approach was used.
Based on the complete information, the amount of cash provided by operating activities and cash paid for dividends for the fiscal years will be:
Cash provided = 63598, 65824, and 81266.
Payments of dividend = 12769, 12150, and 11561.
In 2019, Apple had sufficient cash flows from operations to pay dividends. It had surplus cash after the dividend was paid.
Lastly, Apple spent more cash to repurchase common stock in 2019.
Boat Builders Incorporated budgets overhead cost of $1,680,000 for the year; of this amount, $960,000 is traceable to the Assembly department and $720,000 is traceable to the Finishing department. The company manufactures two types of boats: Fishing and Yachts. Budgeted direct labor hours for the Fishing model are 28 in Assembly and 4 in Finishing. Budgeted direct labor hours for the Yacht model are 36 in Assembly and 12 in Finishing. The company budgets production of 400 units of the Fishing model and 400 units of the Yacht model for the year. Compute departmental overhead rates for each department using direct labor hours for that department Multiple Choice
The overhead rate for the assembly department is $37.5 per hour, while the overhead rate for the finishing department is $112.5 per hour.
In business, the overhead rate refers to the production cost of a service or product. This rate is calculated using the following equation:
Overhead rate = Manufacturing overhead cost / total amount of the allocation base (hours that production takes)Based on this, let's calculate the rate for each department:
Assembly department:The manufacturing overhead cost is $960,000
Direct labor hours:Fishing model: 28 hours x 400 units = 11,200
Yacht: 36 hours x 400 units = 14,400
Total direct labor hours = 11,200 + 14,400 = 25,600
Overhead rate = $960,000 / 25, 600 = $37.5 per hour
Finishing department:
The manufacturing overhead cost is $720,000
Direct labor hours:
Fishing model: 4 hours x 400 units = 1,600
Yacht: 12 hours x 400 units = 4,800
Total direct labor hours = 1,600 + 4,800 = 6,400
Overhead rate = $720,000/ 6,400 = $112.5 per hour
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Your dad mentioned that he had $100,000 in his retirement account 20 years ago. If the account has grown by the market rate of 10% per year by how much would the account have grown.
Answer:
ow much would the account have grown