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Amiraneli [1.4K]
3 years ago
12

On December 1, Year 1, El Primero Company purchases inventory from a foreign supplier for 40,000 coronas. Payment will be made i

n 90 days after El Primero has sold this merchandise. Sales are made rather quickly, and El Primero pays this entire obligation on February 15, Year 2. The following exchange rates for 1 corona apply:
Date U.S. Dollar per Corona
December 1, Year 1 ……………………. $0.87
December 31, Year 1 …………………… 0.82
February 15, Year 2 ……………………. 0.91
Required:
Prepare all journal entries for El Primero in connection with the purchase and payment.

1/28/Y1 Foreign exchange loss $3,600

Accounts payable (coronas) [40,000 x ($.91-$.82)] $3,600

Accounts payable (coronas) $36,400
Cash $36,400

Why is the last journal entry dated 1/28/Y1?
Business
1 answer:
choli [55]3 years ago
7 0

Answer:

The answer to the question is attached with the document.

Download docx
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Answer:

No, Conchita will not be considered for a VA loan.

Explanation:

In order for a Veterans Affairs (VA) loan to be given, the borrower must comply with the following conditions regarding service time:

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3 years ago
Helping others who need help on the job is important, regardless of the cost to me.
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yes because on day u might need help and they are gonna help you back go good job

Explanation:

3 0
3 years ago
Deon is opening a car wash, and he has approached SCORE, a SBA organization that assists small-business owners in setting up the
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Answer: Write a business plan

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PackMan Corporation has semiannual bonds outstanding with nine years to maturity and the bonds are currently priced at $754.08.
Alja [10]

Answer:

b. 8.225%

Explanation:

The rate formula will be used to solve this question.

Please note that the NPER represents the time value.

Where;

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Let's assume that the face value is $1,000

PMT= 1,000 x 7.25% ÷2

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NPER= 9 years x 2

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The formulae is therefore

Rate(NPER,PMT,-,PV,FV)

The value of the present value is negative.

a. The pretax would therefore be 11.75%

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11.75% x (1 - 0.03)

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4 0
3 years ago
Tore Company's records reveal the following information regarding its inventory. Beginning inventory was $100,000 at cost and 16
vodka [1.7K]

Answer:

$150,000

Explanation:

Ending inventory, the value of goods available for sale at the end of the accounting period, plays an important role in reporting the financial status of a company and can best be figured out using the equation,

Ending Inventory = Beginning Inventory + Net Purchases - Cost of Goods Sold (or COGS)

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So, End Inventory = 160,000+500,000+10,000-500,000

End Inventory = $150,000

4 0
3 years ago
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