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madam [21]
3 years ago
10

Tower Inc. owns 30% of Yale Co. and applies the equity method. During the current year, Tower bought inventory costing $66,000 a

nd then sold it to Yale for $120,000. At year-end, only $24,000 of merchandise was still being held by Yale. What amount of intra-entity gross profit must be deferred by Tower?
Business
1 answer:
Murrr4er [49]3 years ago
4 0

Answer:

the amount deferred by tower as intra-entity gross profit: 3,240

Explanation:

120,000 sales with a cost of 66,000

remains at year-end:

 24,000 with a cost of:  66,000/120,000 x 24,000 = 13,200

gross profit: 24,000 - 13,200 = 10,800

For this rgoss profit we are going to deferre the 30%;

10,800 x 30% =  3,240

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Your firm (an Australian firm) makes a sale to a Japanese customer.  The sale price is 200 million Japanese Yen payable in exact
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Answer:

An Australian Firm Selling to a Japanese Customer

a) Direct Quote of the Exchange Rate between Australian Dollar and Japanese Yen:

A$ 1 = ¥90

Meaning 1 Australian Dollar = 90 Japanese Yen.

Therefore, the price of the goods would be A$ 2,222,222.22222 (¥200 million)/ ¥90

b)Theoretical Current Forward Exchange Rate, quoted in terms of JPY/AUD for delivery in three months:

= Spot Rate x (1 + Japanese Interest Rate) / (1 + Australian Interest Rate) x 360/90

= ¥90 x (1 +0.005) / (1 +0.03) x 360/90 = ¥90 x 1.005/1.03 x 360/90

= ¥351.26214 =A$1

c) The Australian firm can take advantage of any decreases in the exchange rate and also ensure that it receives at least Australian $2 million by entering into a Currency Forwards Contract.

d) If the spot exchange rate in 3 month's time is:

(i) AUD/JPY=150, the outcome of the hedging with a Currency Forwards Contract to get at least A$ 2 million would be the gain of:

Forward Exchange outcome in Australian Dollars = ¥200 million/ ¥150 =

A$ 1,333,333.33333

Hedging outcome minus Forward Exchange outcome

A$2 million - A$ 1,333,333.33333 = A$666,666.66667

(ii) AUD/JPY = 50, the outcome of the hedging with a Currency Forwards Contract to get at least A$ 2 million would be the loss of:

Forward  Exchange outcome =  in Australian Dollars = ¥200 million/ ¥50 =

A$4 million

Hedging outcome minus Forward Exchange outcome

A$2 million - $4 million = -A$2million

Explanation:

a) Currency forwards contracts and future contracts are used to hedge the currency risk. For example, a company expecting to receive  ¥200 million in 90 days, can enter into a forward contract to deliver the  ¥200 million and receive equivalent Australian dollars in 90 days at an exchange rate specified today.

b) If A$ 1 = ¥90

Therefore, the price of the goods would be A$ 2,222,222.22222 (¥200 million)/ ¥90 in Australian Dollars.

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studies of bias in the media have reached which of the following? group of answer choices different conclusions: some found a li
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Studies of bias in the media have reached different conclusions: some found a liberal bias, while others found a conservative bias. The correct answer is option(a).

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Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2021, the first mo
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Answer:

The journal entry to record payroll for the January 2013 pay period will include a debit to payroll tax expense of $6,760

Explanation:

In order to calculate The journal entry to record payroll for the January 2013 pay period we would have to calculate the payroll tax expense as follows:

payroll tax expense=Federal unemployment tax rate+(Social security tax rate+medicare tax rate)*Salaries

Federal unemployment tax rate=$80,000*0.80%

Federal unemployment tax rate=$640

(Social security tax rate+medicare tax rate)*Salaries= (6.2%+ 1.45%)*$80,000

(Social security tax rate+medicare tax rate)*Salaries=$6,120

Therefore, payroll tax expense=$640+$6,120

payroll tax expense=$6,760

The journal entry to record payroll for the January 2013 pay period will include a debit to payroll tax expense of $6,760

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