P12-17 - Name: Instructor: Vikix Inc. Trial Balance...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: Instructor: Vikix Inc. Trial Balance Translation December 31, 20X5 Exchange Debits: Kroner Rate U.S. Dollars Cash NKr 150,000 0.18 $27,000 Accounts Receivable (net) 200,000 0.18 36,000 Inventory 270,000 0.18 48,600 Plant and Equipment 600,000 0.18 108,000 Cost of Goods Sold 410,000 0.18 73,800 Operating Expense 100,000 0.18 18,000 Depreciation Expense 50,000 0.18 9,000 Dividends Paid 40,000 0.18 7,200 Total Debits NKr 1,820,000 $327,600 Credits: Accumulated Depreciation NKr 150,000 0.18 $27,000 Accounts Payable 90,000 0.18 16,200 Notes Payable 190,000 0.18 34,200 Common Stock 450,000 0.18 81,000 Retained Earnings 250,000 0.18 45,000 Sales 690,000 0.18 124,200 Accumulated Other Comprehensive Income — Translation Adjustment 21,500 Total Credits NKr 1,820,000 $349,100
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Requirements for Assignment a. Using the information in the right hand column, complete the schedule above, translating the trial balance from Norwegian Kroner into U.S. Dollars. Assume the Kroner is the functional currency. Only the green cells are active and need to be completed. b. Assume that Taft uses the basic equity method. Record all journal entries that relate to its investment in the Norwegian subsidiary during 20X5. Provide the necessary documentation and
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/14/2011 for the course ACCT 440 taught by Professor Smith during the Spring '11 term at Athens Tech.

Page1 / 8

P12-17 - Name: Instructor: Vikix Inc. Trial Balance...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online