Answer:
The two methods of translating financial statements are the current rate method/closing rate method and the temporal method
Explanation:
Functional currency simply means the main currency used by a business. it could also be defined as the primary currency used in the economic environment in which a business operates as in where it generates most of its cash and also spends it
Functional currency determines to a large extent the method used in translation of financial statements. When there is no difference between local currency and foreign currency, current rate method is used and vice versa for temporal rate method
please find attached from Advanced Accounting
Hoyle, J., Schaefer, T., & Doupnik, T. (2015)
Answer:
Interest expense for the year: 33,590.33
Explanation:
face value $ 300,000
rate 9%
time 15 years
issued at $ 201, 136
discount: $ 98, 864
amortization per year under straight-line: the discount is equally distributed for each period
98,864 / 15 = 6,590.33
<u><em>interest expense per year:</em></u>
face value x rate + amortization:
300,000 x 0.09 + 6,590.33 = <em>33,590.33</em>
Answer:
Deceptive pricing
Explanation:
By telling customers that the original price is $40 when it is really $25, High Tea is making their $20 price seem like a much better deal when it really has less value than they are advertising.
Answer:
See below
Explanation:
The computation of net cash provided is seen below
Proceeds from issuance of common stock
147,900
Less:
Purchase of treasury stock
($40,100)
Less:
Dividend payment
($89,600)
Less:
Retirement of bonds
($110,000)
Cash flow used by financing activities
($91,800)
Which accounting principle dictates whether the cost of a repair should be expensed?
d. matching
As per matching concept, All revenues have to be recorded along with expenses incurred to earn those revenues. Thus, revenues need to be accounted.
