1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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
You might be interested in
Jim's Espresso expects sales to grow by 10.3 % next year. Using the following statements and the percent of sales​ method, forec
stepladder [879]

Answer:

Jim's Espresso

The forecasted costs will be :___________

a. Costs                = $110,168

b. Depreciation    = $6,575

c. Net Income      = $70,482

d. Cash                = $16,600

e. Accounts receivable  = $2,283

f. Inventory          = $4,511

g.​ Property, plant, and equipment = $11,085

Explanation:

a) Data and Calculations:

Sales growth = 10.3%

Balance Sheet

Assets                                                         Percentage of sales

                                                                   Current      Forecast

Cash and Equivalents              $15,050     0.07357    $16,600

Accounts Receivable                    2070     0.01012         2,283

Inventories                                    4090     0.01999         4,511

Total Current Assets                $21,210      

Property, Plant and Equipment 10,050     0.04913        11,085

Total Assets                             $31,260

Liabilities and Equity:

Accounts Payable                     $1,580

Debt                                             3930

Total Liabilities                         $5,510

Stockholders' Equity               25750

Total Liabilities and Equity   $31,260

Income Statement:              Current      %              Forecast

                                               Year

Sales                                 $204,560      1              $225,630

Costs Except Depreciation (99,880)     0.48827     (110,168)

EBITDA                              $104,680      0.51173

Depreciation                         (5,960)     0.02914        (6,575)

EBIT                                    $98,720      0.48260

Interest Expense (net)              (410)     0.00200

Pretax Income                    $98,310      0.48059

Income Tax                         (34,409)     0.16821

Net Income                        $63,901      0.31238       $70,482

The forecasts are based on sales of the current year and the next year.

5 0
3 years ago
Kroger, a supermarket chain, has committed to source 100 percent of wild-caught seafood in its seafood departments from fisherie
saul85 [17]

Answer:

Kroger has the buying objective of responsible  sourcing and supply chain sustainability.

Explanation:

Responsible sourcing involves procuring materials for a business where ethics and long-term sustainability are the watchwords.

The only to way to ensure suppliers do the right in business is for their customers to assess them based on ethics and sustainability,hence supplier that does not conform to ideal business ethics is at the risk of losing business. No doubt that  suppliers are forced to the right thing in ensuring the environment and their host communities do not suffer hardship emanating from their operational hazards.

8 0
3 years ago
Regular moderate exercise correlates with increased health, both physical and mental. Exercise friendly communities have LOWER r
nordsb [41]

Answer:

Obesity

Explanation:

7 0
2 years ago
Jamie is analyzing the estimated net present value of a project under various conditions by revising the sales quantity, sales p
KonstantinChe [14]

Answer:

C. Scenario Analysis.

Explanation:

As Jamie is analyzing the estimated net present value of a project under various conditions by revising the sales quantity, sales price, and the cost estimates. The type of analysis that Jamie is doing is best described as scenario analysis. Scenario analysis is basically conducted to know to estimate the unfavorable events development in the market and within the firm as well. It is applied to know about the worst possible situation which can happen and how it can effect the market as well as organization.

8 0
3 years ago
1. Briefly describe laissez-faire economic policies in the Gilded Age.
pickupchik [31]

Answer:

1. The Gilded Age is referred to as the period between 1870 and the early 1900s. It was an era characterized by rapid industrialization, laissez-faire capitalism, and zero income tax. Capitalists resisted government intervention and Captains of industry like John D. Rockefeller and Andrew Carnegie made fortunes.

The government on the other hand began to seriously shape labor policies

The Laissez-Faire (which is derived from the french word let them be or let them do what they want) was a combination of free-market ideologies, limited government intervention, and social Darwinism.

The liberals also resisted the government's initiatives to made lives better for citizens. They believed that by intervening in the social condition of people, they (especially the African Americans) would not be able to attain their full economic potential which can only be done through competition

Another policy that they imbibed was one that promoted the ability of the individual and the business owner to freely enter into labor agreements

 

2. These liberal policies enabled businesses within that region to expand as entrepreneurs were able to take more risks and invest within the economy

It provided people with the greatest incentive for capitalists to create wealth. This is one of the reasons the economic boom happened.

3. One major similarity between the economic policies in the Jacksonian Era and those of the Gilded Age is that they both promoted liberal trade.

One major feature of the Jacksonian economy is that it triggered a high level of the inflationary boom between 1832 and 1837. This inflationary condition is said to be the fall out of mismanaged policies throughout the administration of President Andrew Jackson.

Cheers

7 0
2 years ago
Other questions:
  • July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated J
    13·1 answer
  • If in response to a spreading recession, the President calls for an increase in investment spending by businesses, which of the
    13·1 answer
  • Yocum Company purchased equipment on January 1 at a list price of $120,000 and received a $2,400 cash discount. Yocum paid $6,00
    12·1 answer
  • Suppose the cost per hour incurred in operating a cruise ship is 3a + bv3 dollars per hour, where a and b are positive constants
    5·1 answer
  • Which is an example of a meta-search engine?
    12·1 answer
  • Barbara buys 100 shares of DEM at $35 a share and 200 shares of GOP at $40 a share. She buys on margin and the broker charges in
    15·1 answer
  • _____________ analytics combines data from different channels into one holistic view of the customer and analyzes the data for i
    5·1 answer
  • Determine if each of the following plans are short term, long term, or operational
    8·1 answer
  • State 3 scenarios on how studying human behavioral organization can have a great impact on you as an individual in establishing
    8·1 answer
  • When marvel launched several successful series on netflix, including jessica jones, the defenders, iron fist, and luke cage, it
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!