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kipiarov [429]
2 years ago
11

Benjamin, Inc., operates an export/import business. The company has considerable dealings with companies in the country of Camer

rand. The denomination of all transactions with these companies is alaries (AL), the Camerrand currency. During 2017, Benjamin acquires 25,000 widgets at a price of 8 alaries per widget. It will pay for them when it sells them. Currency exchange rates for 1 AL are as follows: September 1, 2017 $ 0.48 December 1, 2017 0.42 December 31, 2017 0.50 March 1, 2018 0.43

Business
1 answer:
timurjin [86]2 years ago
4 0

Answer:

the picture attached is the main question while the solution is given in the explanation box below

Explanation:

a)

2017 = Loss = 25000 * 8 * [0.42-0.50] = 16000

2018 = Gain = 25000 * 8 * [0.50-0.43] = 14000

b)

2017 = gain = 25000 * 8 * [0.48-0.42] = 12000

c)

2017 = Loss = 25000 * 8 * [0.48 - 0.50] = 4000

2018 = Gain = 25000 * 8 * [0.50-0.43] = 14000

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2 years ago
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Serjik [45]

Answer:

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Explanation:

4 0
2 years ago
On April 23, Mrs. Y purchased a taxi business from Mr. M for a $60,000 lump-sum price. The business consisted of a two-year-old
vladimir2022 [97]

Answer:

Follows are the solution to the given points:

Explanation:

In point a:

It must allocate \$19000 for both the taxicab and \$41,000 for the rest of the license, the client list, and the company name registered.

Its cost of intangible material could be amortized for 180 months starting in April. (\frac{41,000}{180}) \times 9\ \ months = \$2,050 is her amortization deduction.

She could also use Section 179 to decrease her taxable money to \$17,890 (\$36,890 - \$19,000) but include her deduction.

Her taxable annual income is \$15,840 (\$17,890 - \$2,050).

In point b:

They must allocate \$19,000 for the taxi and\$41,000 for their licenses, the customer list as well as the business by interacting with people register. Its cost of the material could be depreciated for 180 months, starting in April.

(\frac{41,000}{180}) \times 9\ \ months = \$2,050  is her amortization deduction.

The taxable income here = \$0 (from \  \$17,100 -\$19,000) = -1,900.

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As all Section 179 is unpaid with other earned income, it is carried forward into the next year.

3 0
3 years ago
At January 1, 2020, Windsor Company had plan assets of $303,000 and a projected benefit obligation of the same amount. During 20
Arte-miy333 [17]

Answer:

The answer is well illustrated as below

Explanation:

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1 & 2. Expenses which includes service cost and interest cost

The increase in expense always increases the pension liability so the entry would be:

Dr Service cost  $27,100

Dr Interest Cost $30,300 ...... $303,000 Opening Pension Liability * 10%

Cr Pension Liability        $57,400

3. Actual return increases the Plan Asset

The Actual return on investment received would increase the Assets worth, which means the journal entry must be passed which would increase the Investment Value (Plan Asset). So the entry would be:

Dr Plan Asset $25,700

Cr Actual return $25,700

4. Contributions made increases the Plan Asset because it is an increase in the investment.

So the journal entry would be:

Dr Plan Asset $20,000

Cr Cash Asset        $20,000

5. The benefits paid to employees are decrease in both pension asset and the pension liability. (We had actually borrowed money from the employees and had invested that money so paying off the benefits actually decreases the pension liability and assets).

So the double entry would be:

Dr Pension Liability $17,700

Cr            Pension Assets $17,700

Kindly input the above values in the following worksheet:

4 0
3 years ago
A retail store's Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales. If the sale
ella [17]

Answer:

$10,619.05

Explanation:

When sales is made at a tax rate of 5%, the entries to be posted in the proportion of the transaction amount

Dr Cash/ Accounts receivable 105%

Cr Sales revenue 100%

Cr Sales tax 5%

As such, if Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales, it means that the accounts contains 105%, as such, the sales tax which is the amount owed the taxing agency

= 5/105 * $223,000

= $10,619.05

3 0
3 years ago
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