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
Yuri [45]
3 years ago
9

Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1, 2016. The following account bal

ances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency: Sales KQ 340,000 Inventory (bought on 3/1/17) 187,000 Equipment (bought on 1/1/16) 88,000 Rent expense 22,000 Dividends (declared on 10/1/17) 30,000 Notes receivable (to be collected in 2020) 50,000 Accumulated depreciation—equipment 26,400 Salary payable 7,800 Depreciation expense 8,800 The following U.S.$ per KQ exchange rates are applicable: January 1, 2016 $0.33 Average for 2016 0.34 January 1, 2017 0.38 March 1, 2017 0.39 October 1, 2017 0.41 December 31, 2017 0.42 Average for 2017 0.40 Lancer is preparing account balances to produce consolidated financial statements. Assuming that the kanquo 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?
Business
1 answer:
rewona [7]3 years ago
6 0

Answer:

1. Functional currency is the currency in which most of the business transactions of the company are carried out. In the given case, Kanquo is assumed to be the functional currency and therefore all the financial statements of Lancer Inc. will be consolidated in Kanquo currency. Therefore, no exchange rate will be applied if Kanquo is the functional currency of Lancer Inc.

2. If Dollar is the functional currency then all the reported amounts of foreign subsidiary will be consolidated by using the exchange rate of U.S Dollar. In the given case, following is the excha

Explanation:

You might be interested in
Tyson is a 25 percent partner in the KT Partnership. On January 1, KT makes a proportionate distribution of $16,000 cash and lan
mina [271]

Answer:

No option is correct. The options include inventory, while the question does not mention any inventory distributed.

Tyson's basis on the land is $4,000.

Explanation:

Tyson's basis on the land = total distribution - cash distribution = $20,000 - $16,000 = $4,000

A partner only needs to recognize a gain on a distribution when the cash distribution is larger than the partner's basis. In this case, the partner's basis is more than the cash distribution. The partner's basis for the rest of the assets distributed will be equal to the difference between the partner's basis - cash received.

In this case, since the difference is $4,000, then the basis for the land will be reduced.

7 0
4 years ago
In the introduction to his speech on the art of digital photography, Terrance mentioned that he works part-time at a camera shop
elixir [45]

Answer: The correct answer is "a. establish credibility".

Explanation: Terrance was seeking to accomplish the "establish credibility" goal in the speech introduction.

Among the qualities that every speaker should have is credibility, characterized by three other qualities, which are: honesty, knowledge and dynamism. The credibility also has to do with the good reputation of the speaker to obtain acceptance of his message, in addition to being well prepared, that is, having knowledge, competence and experience on the subject.

4 0
4 years ago
1. The Incident Command System (ICS) is only applicable to large, complex incidents.
Alexus [3.1K]

Answer: False

The ICS which stands for Incident Command System is the standard procedure to be applied to all types of incidents. These incidents range from small emergencies up to the large and complicated situations or events. Some of the incidents that ICS can tackle are medical emergencies, both natural and unnatural disasters, terrorist attacks, chemical spills, traffic incidents, and so on.

8 0
4 years ago
Read 2 more answers
Job order production is also known as: Select one: a. Mass production. b. Process production. c. Unit production. d. Customized
lidiya [134]

Answer:

Option (D) is the right answer.

Explanation:

According to the question, customized production is the most appropriate answer because job order production refers to the manufacturing process which is unique & customized according to the customer's needs.

While the other options are wrong because of the following reasons:

  • Mass production can be described as a large number of production for the same product.
  • Process production can be defined as the production which takes place through a similar process for all the products.
  • Unit production can be defined as the number of production of the items.
  • Standard costing can be defined as the costing which occurs on the production of the product.

Hence the most appropriate answer is option (D).

8 0
3 years ago
If government regulation forces firms in an industry to internalize the externality, then the a. supply curve shifts to the left
Assoli18 [71]

Answer:

E supply curve and the demand curve shift to the left.

4 0
3 years ago
Other questions:
  • Which of the following is a buyer's agent's task or duty?
    8·1 answer
  • Suppose an economy has 10,000 people who are not working but looking and available for work and 90,000 people who are working. W
    12·1 answer
  • If 2.80 is the amount of discount what is the original price
    13·1 answer
  • For the past 5 months Kaia's gift shop had these profits or losses: –$120, $85, –$60, –$35, and $40.
    9·2 answers
  • All of the following statements regarding retained earnings are true exceptA. retained earnings represents a claim on cash.B. a
    14·1 answer
  • For every dollar's worth of goods and services bought today, the amount of money it will take in n years to buy the same amount
    10·1 answer
  • You have a choice between buying a cell phone or a camera. You choose the cell phone. The cell phone represents your _____. need
    7·2 answers
  • To avoid financial risks, you should _____. obtain health insurance keep your money in a safe place protect your personal inform
    6·2 answers
  • Where do teenagers get all the money they need to make purchases? I noticed several new stores had opened up at the local mall.
    11·2 answers
  • Aggregate demand curves are Question 14 options: downward sloping. upward sloping. horizontal. vertical.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!