Freeman Co. is a US company that made a sale on account of $100,000 on December 20, 2010. Freeman still has the receivable
Freeman Co. is a US company that made a sale on account of $100,000 on December 20, 2010. Freeman still has the receivable
Freeman Co. is a US company that made a sale on account of $100,000 on December 20, 2010. Freeman still has the receivable
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http://homework.plus/freeman-co-<str<strong>on</strong>g>is</str<strong>on</strong>g>-a-us-<str<strong>on</strong>g>company</str<strong>on</strong>g>-<str<strong>on</strong>g>that</str<strong>on</strong>g><str<strong>on</strong>g>made</str<strong>on</strong>g>-a-<str<strong>on</strong>g>sale</str<strong>on</strong>g>-<strong>on</strong>-<strong>account</strong>-<strong>of</strong>-100-<strong>000</strong>-<strong>on</strong>-december-<strong>20</strong>-2<br />
010-freeman-<strong>still</strong>-<strong>has</strong>-<strong>the</strong>-<strong>receivable</strong>/<br />
Use <strong>the</strong> following exchange rates.<br />
Nov. <strong>20</strong>, <strong>20</strong>10 Dec. <strong>20</strong>, <strong>20</strong>10 Dec. 31, <strong>20</strong>10 Jan. <strong>20</strong>, <strong>20</strong>11<br />
<str<strong>on</strong>g>US</str<strong>on</strong>g>D/ EUR 1.0989 1.0582 1.1364 1.0695<br />
EUR/ <str<strong>on</strong>g>US</str<strong>on</strong>g>D .9100 .9450 .8800<br />
.9350<br />
Questi<strong>on</strong> 1: <str<strong>on</strong>g>Freeman</str<strong>on</strong>g> <str<strong>on</strong>g>Co</str<strong>on</strong>g>. <str<strong>on</strong>g>is</str<strong>on</strong>g> a <str<strong>on</strong>g>US</str<strong>on</strong>g> <str<strong>on</strong>g>company</str<strong>on</strong>g> <str<strong>on</strong>g>that</str<strong>on</strong>g> <str<strong>on</strong>g>made</str<strong>on</strong>g> a <str<strong>on</strong>g>sale</str<strong>on</strong>g> <strong>on</strong> <strong>account</strong> <strong>of</strong> <strong>$100</strong>,<strong>000</strong> <strong>on</strong><br />
<strong>December</strong> <strong>20</strong>, <strong>20</strong>10. <str<strong>on</strong>g>Freeman</str<strong>on</strong>g> <strong>still</strong> <strong>has</strong> <strong>the</strong> <strong>receivable</strong> outstanding at <strong>December</strong> 31, <strong>20</strong>10.<br />
What <str<strong>on</strong>g>is</str<strong>on</strong>g> <strong>the</strong> <strong>account</strong> <strong>receivable</strong> reported <strong>on</strong> <strong>December</strong> 31st?<br />
Questi<strong>on</strong> 2: <str<strong>on</strong>g>Freeman</str<strong>on</strong>g> <str<strong>on</strong>g>Co</str<strong>on</strong>g>. <str<strong>on</strong>g>is</str<strong>on</strong>g> a <str<strong>on</strong>g>US</str<strong>on</strong>g> <str<strong>on</strong>g>company</str<strong>on</strong>g> <str<strong>on</strong>g>that</str<strong>on</strong>g> purc<strong>has</strong>ed <strong>$100</strong>,<strong>000</strong> <strong>of</strong> inventory <strong>on</strong><br />
November <strong>20</strong>, <strong>20</strong>10. If <str<strong>on</strong>g>Freeman</str<strong>on</strong>g> paid for <strong>the</strong> inventory <strong>on</strong> <strong>December</strong> <strong>20</strong>, <strong>20</strong>10, what <str<strong>on</strong>g>is</str<strong>on</strong>g> <strong>the</strong><br />
foreign currency gain/loss reported <strong>on</strong> <strong>the</strong> income statement in <strong>20</strong>10?
Questi<strong>on</strong> 3: <str<strong>on</strong>g>Freeman</str<strong>on</strong>g> <str<strong>on</strong>g>Co</str<strong>on</strong>g>. <str<strong>on</strong>g>is</str<strong>on</strong>g> a <str<strong>on</strong>g>US</str<strong>on</strong>g> <str<strong>on</strong>g>company</str<strong>on</strong>g> <str<strong>on</strong>g>that</str<strong>on</strong>g> <str<strong>on</strong>g>made</str<strong>on</strong>g> a <str<strong>on</strong>g>sale</str<strong>on</strong>g> <strong>on</strong> <strong>account</strong> <strong>of</strong> <strong>$100</strong>,<strong>000</strong> <strong>on</strong><br />
<strong>December</strong> <strong>20</strong>, <strong>20</strong>10. <str<strong>on</strong>g>Freeman</str<strong>on</strong>g> <strong>still</strong> <strong>has</strong> <strong>the</strong> <strong>receivable</strong> outstanding at <strong>December</strong> 31, <strong>20</strong>10.<br />
What <str<strong>on</strong>g>is</str<strong>on</strong>g> <strong>the</strong> amount <strong>of</strong> <str<strong>on</strong>g>sale</str<strong>on</strong>g>s reported in <strong>20</strong>10?<br />
Questi<strong>on</strong> 4: <str<strong>on</strong>g>Freeman</str<strong>on</strong>g> <str<strong>on</strong>g>Co</str<strong>on</strong>g>. purc<strong>has</strong>ed <strong>$100</strong>,<strong>000</strong> <strong>of</strong> inventory <strong>on</strong> November <strong>20</strong>, <strong>20</strong>10. If<br />
<str<strong>on</strong>g>Freeman</str<strong>on</strong>g> paid for <strong>the</strong> inventory <strong>on</strong> January <strong>20</strong>, <strong>20</strong>11, what <str<strong>on</strong>g>is</str<strong>on</strong>g> <strong>the</strong> foreign currency gain/loss<br />
reported <strong>on</strong> <strong>the</strong> income statement in <strong>20</strong>10?<br />
Questi<strong>on</strong> 5: <str<strong>on</strong>g>Freeman</str<strong>on</strong>g> <str<strong>on</strong>g>Co</str<strong>on</strong>g>. purc<strong>has</strong>ed <strong>$100</strong>,<strong>000</strong> <strong>of</strong> inventory <strong>on</strong> November <strong>20</strong>, <strong>20</strong>10. If<br />
<str<strong>on</strong>g>Freeman</str<strong>on</strong>g> paid for <strong>the</strong> inventory <strong>on</strong> January <strong>20</strong>, <strong>20</strong>11, what <str<strong>on</strong>g>is</str<strong>on</strong>g> <strong>the</strong> amount <strong>of</strong> <strong>account</strong>s<br />
payable when remeasured at settlement date?<br />
Questi<strong>on</strong> 6: <str<strong>on</strong>g>Freeman</str<strong>on</strong>g> sold all <strong>of</strong> <strong>the</strong> inventory in <strong>20</strong>10 <str<strong>on</strong>g>that</str<strong>on</strong>g> it purc<strong>has</strong>ed for <strong>$100</strong>,<strong>000</strong> <strong>on</strong><br />
November <strong>20</strong>. What was <strong>the</strong>ir cost <strong>of</strong> goods sold related to th<str<strong>on</strong>g>is</str<strong>on</strong>g> inventory?
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