Week3_Bancroft

# Week3_Bancroft - Student Name: Class: Problem 10-31 a....

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Student Name: Class: 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 - 0 - «- 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!

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Student Name: Class: 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 - 0 - «- 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!
Student Name: Class: Problem 10-32 LIVINGSTON COMPANY Income Statement For Year Ending December 31, 2011 Exchange U.S. Goghs

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## This note was uploaded on 09/28/2011 for the course ACC 431 taught by Professor Talbert during the Spring '08 term at National.

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Week3_Bancroft - Student Name: Class: Problem 10-31 a....

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