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Neko [114]
3 years ago
13

Honk, Inc. a U.S. corporation, purchases weight-lifting equipment for resale from HiDisu, a Japanese corporation, for 60 million

yen. On the date of purchase, 110 yen is equal to $1 U.S. (¥110:$1). The purchase is made on December 15, 2018, with payment due in 90 days. Honk is a calendar year taxpayer. On December 31, 2018, the foreign exchange rate is ¥112:$1. On February 2, 2019, the invoice is paid when the exchange rate is ¥115:$1. What amount of foreign currency gain or loss, if any, mus
Business
1 answer:
Natali [406]3 years ago
3 0

Answer:

2018 Foreign currency gain $9,740.26 million

2019 Foreign currency gain $13,975.16 million

Explanation:

Calculation of foreign currency gain or loss for 2018

Total amount payable as at 15th Dec $545,454.55 million ($60 million/110)

Total amount payable as at 31st Dec $535,714.29 million ($60 million/112)

Foreign currency gain $9,740.26 million ($545,454.55-$535,714.29)

The amount payable based on 31st December year end exchange rate is lesser than on date of purchase which result in a gain for the company

Calculation of foreign currency gain or loss for 2019

Total amount payable as at 31st Dec $535,714.29 million ($60 million/112)

Total amount actually paid on 02nd Feb $521,739.13 million ($60 million/115)

Foreign currency gain $13,975.16 million ($535,714.29-$521,739.13)

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Finger [1]

Answer:

I would choose violent crime.

Explanation:

It motivates me to choose it since it can help to make most of the other issues easier to tackle since where there is violent crime, there is usually the other issues stated in the list.

I hope this helps :)

3 0
2 years ago
The following information is available for Rodriguez Industries:
shepuryov [24]

Answer:

$183,200

Explanation:

Given that,

Direct labor = $86,000

Total current manufacturing costs = $381,000

Manufacturing overhead is applied to production:

= 130% of direct labor cost

= 1.30 × $86,000

= $111,800

Total manufacturing costs = Direct material + Direct labor + Manufacturing overhead.

$381,000 = Direct material + $86,000 + $111,800

Direct material = $381,000 - $86,000 - $111,800

                         = $183,200

Therefore, the amount of direct materials used in production is $183,200.

8 0
3 years ago
Which of the following statements are true regarding owners' equity and ownership rights held in noncorporate entities?
Degger [83]

Answer: A. Owners' equity for proprietorships and partnerships is usually referred to as capital.

B. No distinction is made between invested capital and retained earnings for a proprietorship or a partnership.

C. Neither proprietorships or partnerships issue stock.

Explanation:

The statements that are true regarding owners' equity and ownership rights held in noncorporate entities include:

• No distinction is made between invested capital and retained earnings for a proprietorship or a partnership.

• Neither proprietorships or partnerships issue stock.

• Owners' equity for proprietorships and partnerships is usually referred to as capital.

We should note that sole proprietorships and partnership typically don't have stockholders and shouldn't issue stock as they aren't separated from their founders.

Also, the owners' equity for proprietorships and partnerships is usually referred to as capital. We should note that for a sole proprietorship or a partnership, the equity is the owners capital account which can be seen on the balance sheet.

Based on the above explanation, all the options given above are correct.

5 0
3 years ago
An attractive african american woman is conducting random interviews on campus to gather data on students' opinions on the rever
saw5 [17]
Interviewer bias is probably affecting the data collection process; since the interviewer is "attractive" and African American, the students are probably only thinking about her and not other African Americans.
8 0
3 years ago
Which of the following most accurately describes the change in average weekly earnings since 1980?
Zolol [24]

Answer:

Which of the following most accurately describes the change in average weekly earnings since 1980 Average weekly earnings have risen for college-educated workers only Which of the following workers is likely to earn the highest wage

8 0
2 years ago
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