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
sattari [20]
3 years ago
13

You are reviewing your client’s Multicurrency company Balance Sheet, and the balance as of the previous fiscal year-end for thei

r Canadian bank account, which they closed last year, is a $10 debit balance in US dollars (the home currency). However, the Canadian dollar balance correctly indicates the account has been closed. Why would this be the case?
Business
1 answer:
qaws [65]3 years ago
4 0

Answer:

Foreign exchange loss

Explanation:

A foreign exchange gain/loss is normal for companies that operate in foreign countries. E.g. you prepared your financial statements by converting the foreign currency into your local currency, in this case you converted Canadian dollars to US dollars. But then the exchange rate between the currencies changes. If the value of the Canadian dollar's value increased after conversion, then you gained, and an adjustment must be made to show that gain. But if the Canadian dollar's value decreased after the conversion, then you lost (what happened here) and an adjusting entry must be made to report the loss.

In order to correct his, you must:

Dr Foreign exchange gain/loss 10

    Cr Canadian bank account 10

You might be interested in
Gross domestic product per person refers to: the total GDP divided by the population of the country. the nominal per capita GDP
dimaraw [331]
The answer is
ejjeidhenwishsowojsnso
8 0
3 years ago
Emporia Corporation is a lessee with a capital lease. The asset is recorded at $810,000 and has an economic life of 8 years. The
Doss [256]

Answer:

The amount of depreciation expense the lessee should record for the first year of the lease is $108,000

Explanation:

To calculate the depreciation expense for each year the first thing you have to do is to substruct from the initial value the fair value at the end fo the lease, obtaining this way the depreciable amount.

For this case it would be:

$810,000 - $270,000= $540,000

Then you have to divide the depreciable amount by the years of the term the lease.

$540,000/5= $108,000

4 0
3 years ago
Why do we practice making associations with simple and mundane problems and resources? Select all that apply.
Artyom0805 [142]

Answer:

E.  They are problems and resources that most people have experience with or can relate to.

Explanation:

  • Such problems and resources are most commonly found in day to day lives. People can easily relate to them as they are simple and common in the workplace.
  • They are associated with the resources of particular problems. This making them a subject of practice it becomes easy to use them for teaching and other purposes. Such as enlightenment and giving advice.
4 0
2 years ago
Do you think it is easier to increase or decrease government spending
Anna35 [415]
It is much easier to increase government spending, because it gives a temporary boost, whereas decreasing it would take away the benefits you had before, and might mess up other "things" that relied on that part you just removed to decrease government spending.
4 0
2 years ago
If a one-year bond has a face value of $5,000 and is sold for $4,500, what is the interest rate on the bond?
Arada [10]

Answer:

11.1%

Explanation:

The face value is $5000

It is sold for $4,500

Therefore the interest rate of this bond can be calculated as follows

$5000-$4500

= 500

500/4500 × 100

= 0.111 × 100

= 11.1%

Hence the interest rate is 11.1%

6 0
2 years ago
Other questions:
  • Multinational financial management requires that
    13·1 answer
  • The government imposes a $2.50 per-unit tax on the production of good x. as a result the
    13·1 answer
  • Virginia's parents gave her money to put in her cafeteria account at the beginning of the school year. the function f (s) = 60 –
    14·2 answers
  • Helena mentions that she might "allocate one-third of the revenue that I get from e-commerce into the cost for e-commerce." Whic
    15·2 answers
  • Mistor Co. amended its pension plan on January 2 of the current year. It also granted $600,000 of unrecognized prior service cos
    15·1 answer
  • Here are simplified financial statements for Watervan Corporation. INCOME STATEMENT (Figures in $millions)Net sales $881Cost of
    8·1 answer
  • Suppose the current price of a good is $160. At this price, the quantity supplied is 130 units, and the quantity demanded is 55
    15·1 answer
  • What is the main purpose for the operation bank
    11·1 answer
  • Which of the following strategies can a country use to keep its products inexpensive for consumers in the U.S.?
    15·2 answers
  • As an economic concept, scarcity applies
    15·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!