{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

SCh10 - Student Name Instructor Class McGraw-Hill/Irwin...

Info icon This preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Student Name: Instructor Class: McGraw-Hill/Irwin Problem 10-31 a. Translation of Kingston Subsidiary Trial Balance Debits Credits Cash Correct! -» $12,960 Accounts Receivable Correct! -» 14,580 Equipment Correct! -» 4,860 Accumulated Depreciation $972 «- Correct! Land Correct! -» 8,100 Accounts Payable 4,860 «- Correct! Notes Payable 8,100 «- Correct! Common Stock 17,100 «- Correct! Dividends Paid Correct! -» 6,640 Sales 41,000 «- Correct! Salary Expense Correct! -» 8,200 Depreciation Expense Correct! -» 984 Miscellaneous Expenses Correct! -» 14,760 Correct! -» $71,084 Translation adjustment Correct! -» 948 Totals Correct! -» $72,032 $72,032 «- Correct! Calculation of Translation Adjustment Exchange KQ Rate Dollar Net assets, 1/1 - - «- Correct! Increase in net assets: Common stock issued 10,000 1.71 $17,100 «- Correct! Sales 25,000 1.64 41,000 «- Correct! Decrease in net assets: Dividends paid (4,000) 1.66 (6,640) «- Correct! Salary expense (5,000) 1.64 (8,200) «- Correct! Depreciation expense (600) 1.64 (984) «- Correct! Miscellaneous expense (9,000) 1.64 (14,760) «- Correct! Net assets, 12/31 16,400 $27,516 «- Correct! Net assets, 12/31 at current 16,400 1.62 26,568 «- Correct! exchange rate Translation adjustment $948 «- Correct!
Image of page 1

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

View Full Document Right Arrow Icon
Student Name: Instructor Class: McGraw-Hill/Irwin Problem 10-31 b. Remeasurement of Kingston Subsidiary Trial Balance Debits Credits Cash Correct! -» $12,960 Accounts Receivable Correct! -» 14,580 Equipment Correct! -» 5,130 Accumulated Depreciation $1,026 «- Correct! Land Correct! -» 7,950 Accounts Payable 4,860 «- Correct! Notes Payable 8,100 «- Correct! Common Stock 17,100 «- Correct! Dividends Paid Correct! -» 6,640 Sales 41,000 «- Correct! Salary Expense Correct! -» 8,200 Depreciation Expense Correct! -» 1,026 Miscellaneous Expenses Correct! -» 14,760 Correct! -» $71,246 Remeasurement loss Correct!-» 840 Totals Correct! -» $72,086 $72,086 «- Correct! Calculation of Remeasurement Loss Exchange KQ Rate Dollar Net monetary assets, 1/1 - - «- Correct! Increase in net monetary assets: Common stock issued 10,000 1.71 $17,100 «- Correct! Sales 25,000 1.64 41,000 «- Correct! Decrease in net monetary assets: Acquired equipment (3,000) 1.71 (5,130) «- Correct! Acquired land (5,000) 1.59 (7,950) «- Correct! Dividends paid (4,000) 1.66 (6,640) «- Correct! Salary expense (5,000) 1.64 (8,200) «- Correct! Miscellaneous expense (9,000) 1.64 (14,760) «- Correct! Net monetary assets, 12/31 9,000 $15,420 «- Correct! Net monetary assets, 12/31 9,000 1.62 14,580 «- Correct! at current exchange rate Remeasurement loss $840 «- Correct!
Image of page 2
Given P10-31: Kingsfield investment in subsidiary (in Kumquats) KQ 10,000 Expended to acquire equipment KQ 3,000 Currency exchange (KQ 1): January 1, 2011 $1.71 April 1, 2011 $1.59 June 1, 2011 $1.66 Weighted average - 2011 $1.64 December 31, 2011 $1.62 Subsidiary trial balance, December 31, 2011 Debits Credits Cash KQ 8,000 Accounts receivable 9,000 Equipment 3,000 Accumulated depreciation KQ 600 Land 5,000 Accounts payable 3,000 Notes payable (due 2014) 5,000 Common stock 10,000 Dividends paid (6/1/11) 4,000 Sales 25,000 Salary expense 5,000 Depreciation expense 600 Miscellaneous expenses 9,000 Totals KQ 43,600 KQ 43,600
Image of page 3

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

View Full Document Right Arrow Icon
Student Name: Instructor Class: McGraw-Hill/Irwin Problem 10-32 LIVINGSTON COMPANY Income Statement For Year Ending December 31, 2011 Exchange U.S.
Image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern