Answer:
a) (USD/CAD) on July 15, 2016 was 1.2937
b) six-month forward rate of (USD/CAD)= 0.0165
c) hree-month forward exchange rate of (JPY/USD) on July 15, 2016 is 0.0105263
Explanation:
a) Please see the exchange rate on this link: https://www.poundsterlinglive.com/bank-of-england-spot/historical-spot-exchange-rates/usd/USD-to-CAD-2016
b) Now it's too far to check forward rate in 2016, so we have to calculate ourselves
6 month forward rate = exchange rate on 15 Jan 2017/ exchange rate on 15 July 2016 -1 = 1.3151/1.2937 -1 = 1.65% semi annual or 3.3%pa
c) please see link https://www.currency-converter.org.uk/currency-rates/historical/table/JPY-USD.html
15/07/2016 1 JPY = 0.0095 USD
15/10/2016 1 JPY = 0.0096 USD
3 month forwar rate = 0.0096/0.0095-1 = 0.0105263
Answer:
Debit Warranty Expense $240; credit Estimated Warranty Liability $240.
Explanation:
The Journal entry is shown below:-
Warranty expenses Dr, $240
To Estimated warranty liability $240
(Being warranty expense is recorded)
When the company sells warranty items, the warranty expenses & warranty liability will only be considered in the selling year.
Working note:-
Warranty expenses & Estimated warranty liability to be recognize = Sales × Estimated percentage of warranty work
= $12,000 × 2%
= $240
Answer: See explanation
Explanation:
The effect of these transactions on the total amount of the seller's
(1) assets will be:
= Sales - (Aquisition value + Balance Owed)
= $660,000 - ($500,000 + $300,000)
= $660,000 - $800,000
= -$140,000
Decreased $140,000
2. Liabilities: Decreased by $300,000. This is because the seller paid the $300,000 owed.
3. Stock holder's Equity will be gotten by subtracting the acqusition value from the sales value. This will be:
= $660,000 - $500,000
= $160,000.
Increased by $160,000
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