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Helen [10]
3 years ago
5

Consider a U.S. importer desiring to purchase merchandise from a Dutch exporter invoiced in euros, at a cost of €512,100. The U.

S. importer will contact his U.S. bank (where of course he has an account denominated in U.S. dollars) and inquire about the exchange rate, which the bank quotes as €1.0242/$1.00. The importer accepts this price, so his bank will ____________the importer's account in the amount of ____________. A. debit, $500,000 B. credit, €512,100 C. credit, $500,000 D. debit, €512,100
Business
1 answer:
Anestetic [448]3 years ago
7 0

Answer:

The importer accepts this price, so his bank will debit the importer's account in the amount of $500,000.

A. debit, $500,000

Explanation:

Bank debit is a bookkeeping term for realization of the reduction of deposits held by bank customers. A bank debit occurs when a bank customer uses the funds in their account, therefore reducing their account balance.

Euros 512100  

   

dólar 1 1,0242 euros

         x 512100  euros

   

x= 500.000  

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4 0
1 year ago
On January 1, 2017, Doone Corporation acquired 70 percent of the outstanding voting stock of Rockne Company for $672,000 conside
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Answer:

Question a:

The non-controlling interest of Rockne´s 2018 net income is $111,000.- calculated by taking 30% of Rockne´s net income of $370,000.-  

Question B:

There are 3 entries required to eliminate te sale of goods form rochne to doone.  

The first entry eliminates the sales recorded by rockne against te inventory or cost of goods sold by recorded by doone.  To consider, the 60% of the purchases went trhough cost of good sol d and 40% of the purchases remain in inventory until the following year.  Here is the engru:

Debit/sales/$530

Credit/COGS/ ($318) 60%

Credit inventory ($212) 40%

The next entry has to do with the amount of inventory that remained from the last intercompany transaction.  This is caclulated usin 40% of 2017 sales, which were $430.   So:

Debit inventory $172

Credit Cogs  ($172)

The last part is to eliminate the recievable on the book of rockne when they made te sale

Debit Payable $530

Credit receivable ($530)

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