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advanced accountingACCT4210, Assignments of Advanced Accounting

Ocean County CollegeAdvanced Accounting

Financial statements of different companies in different currencies and exchange rates. It includes income statements, balance sheets, and details of monetary assets and liabilities. The document shows how exchange rates affect financial statements and how to translate and remeasure values. It also includes consolidated balances and translation adjustments. useful for students studying finance, accounting, and international business.

Typology: Assignments

2020/2021

Available from 05/14/2023

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Ch 8 โ€“ P26
Details Pounds Exchange rate Dollars
Rent revenue $96,000.00 $2.04 $195,840.00
Interest expense $14,000.00 $2.04 $28,560.00
Depreciation expense $20,000.00 $2.04 $40,800.00
Repair expense $4,000.00 $2.05 $8,200.00
Net income $58,000.00 $118,280.00
Details Pounds Exchange rate Dollars
Retained earnings, Jan. 1 $0.00 NA $ -
(+) Net income $58,000.00 NA $118,280.00
(-) Dividend $12,000.00 $2.08 $24,960.00
Retained earnings, Dec. 31 $46,000.00 $93,320.00
Details Pounds Exchange rate Dollars
Cash $64,000.00 $2.08 $133,120.00
Accounts receivable $16,000.00 $2.08 $33,280.00
Building $200,000.00 $2.08 $416,000.00
Accumulated depreciation -$20,000.00 $2.08 -$41,600.00
Total assets $260,000.00 $540,800.00
Interest payable $14,000.00 $2.08 $29,120.00
Note payable $140,000.00 $2.08 $291,200.00
Common stock $60,000.00 $2.00 $120,000.00
Retained earnings $46,000.00 $93,320.00
Translation adjustment $7,160.00
Total liabilities and equity $260,000.00 $540,800.00
Income Statement
Statement of Retained Earnings
Balance Sheet
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Ch 8 โ€“ P Details Pounds Exchange rate Dollars Rent revenue $96,000.00 $2.04 $195,840. Interest expense $14,000.00 $2.04 $28,560. Depreciation expense $20,000.00 $2.04 $40,800. Repair expense $4,000.00 $2.05 $8,200. Net income $58,000.00 $118,280. Details Pounds Exchange rate Dollars Retained earnings, Jan. 1 $0.00 NA $ - (+) Net income $58,000.00 NA $118,280. (-) Dividend $12,000.00 $2.08 $24,960. Retained earnings, Dec. 31 $46,000.00 $93,320. Details Pounds Exchange rate Dollars Cash $64,000.00 $2.08 $133,120. Accounts receivable $16,000.00 $2.08 $33,280. Building $200,000.00 $2.08 $416,000. Accumulated depreciation -$20,000.00 $2.08 -$41,600. Total assets $260,000.00 $540,800. Interest payable $14,000.00 $2.08 $29,120. Note payable $140,000.00 $2.08 $291,200. Common stock $60,000.00 $2.00 $120,000. Retained earnings $46,000.00 $93,320. Translation adjustment $7,160. Total liabilities and equity $260,000.00 $540,800. Income Statement Statement of Retained Earnings Balance Sheet

Ch 8 โ€“ P a) Details Dinars Exchange rate U.S. Dollars Net assets, Jan. 1 $150,000.00 $0.36 $54,000. Increase in net assets: Service revenue, May 1 $120,000.00 $0.37 $44,400. Decrease in net assets: Operating expense, Jun. 1 -$100,000.00 $0.39 -$39,000. Net assets, Dec. 31 $170,000.00 $59,400. Net asset, Dec. 31 ( current exchange rate) $170,000.00 $0.41 $69,700. Translation adjustment (credit - positive) -$10,300. b) Details Dinars Exchange rate U.S. Dollars Net monetary assets (liabilities), Jan. 1 -$50,000.00 $0.36 -$18,000. Changes in net monetary assets: Service revenue, May 1 $120,000.00 $0.37 $44,400. Operating expense, Jun. 1 -$100,000.00 $0.39 -$39,000. Net monetary assets (liabilities), Dec. 31 -$30,000.00 -$12,600. Net monetary assets(liabilities),Dec. 31(acurr) -$30,000.00 $0.41 -$123,000. Remeasurement gain (credit) -$300. c) Translated Remeasured Value (in Dinars) $200,000.00 $200,000. Exchange rate $0.41 $0. Net value $82,000.00 $66,000.

Ch 8 โ€“ P Details KR Exchange rate Dollars Net Monetary Assets Jan. 1, 2017 $35,000.00 $3.00 $105,000. Increases in Net Monetary Assets: Issued common stock Apr. 1, 2017 $13,000.00 $3.10 $40,300. Sold building Jul. 1, 2017 $29,000.00 $3.30 $95,700. Sales 2017 $162,000.00 $3.20 $518,400. Decreases in Net Monetary Assets: Purchased equipment Apr. 1, 2017 -$64,000.00 $3.10 -$198,400. Paid dividends Oct. 1, 2017 -$57,000.00 $3.40 -$193,800. Rent dividends 2017 -$21,500.00 $3.20 -$68,800. Salary expense 2017 -$45,000.00 $3.20 -$144,000. Utilities expense 2017 -$7,000.00 $3.20 -$22,400. Ending net monetary assets as of December 31, 2017: Details KR Exchange rate Dollars Net Monetary Assets Jan. 1, 2017 $35,000.00 $3.00 $105,000. Increases in Net Monetary Assets: Issued common stock Apr. 1, 2017 $13,000.00 $3.10 $40,300. Sold building Jul. 1, 2017 $29,000.00 $3.30 $95,700. Sales 2017 $162,000.00 $3.20 $518,400. $759,400. Decreases in Net Monetary Assets: Purchased equipment Apr. 1, 2017 -$64,000.00 $3.10 -$198,400. Paid dividends Oct. 1, 2017 -$57,000.00 $3.40 -$193,800. Rent dividends 2017 -$21,500.00 $3.20 -$68,800. Salary expense 2017 -$45,000.00 $3.20 -$144,000. Utilities expense 2017 -$7,000.00 $3.20 -$22,400. -$627,400. Net asset balance Dec. 31 $132,000. Details KR Exchange rate Dollars Net Monetary Assets Jan. 1, 2017 $35,000.00 $3.00 $105,000. Increases in Net Monetary Assets: Issued common stock Apr. 1, 2017 $13,000.00 $3.10 $40,300. Sold building Jul. 1, 2017 $29,000.00 $3.30 $95,700. Sales 2017 $162,000.00 $3.20 $518,400. (Cash + Accounts receivable) - (Accounts payable + Bonds payable) (Beginning non-monetary assets) = (54,000+60,000) - (15,000 + 64,000) = $35,

Decreases in Net Monetary Assets:

etary assets)

Calculation of Cumulative Translation Adjustment:

Details Company C Company S Adjustments Consolidated Ba

 - $759,400.
  • Purchased equipment Apr. 1, 2017 -$64,000.00 $3.10 -$198,400.
  • Paid dividends Oct. 1, 2017 -$57,000.00 $3.40 -$193,800.
  • Rent dividends 2017 -$21,500.00 $3.20 -$68,800.
  • Salary expense 2017 -$45,000.00 $3.20 -$144,000.
  • Utilities expense 2017 -$7,000.00 $3.20 -$22,400.
    • -$627,400.
  • Net asset balance Dec. 31 $132,000.
  • Value of ending non-monetary assets $25,500.00 $3.50 $89,250. (-)
  • Remeasurement less $42,750.
  • Net assets balance $124,000.00 $3.00 $372,000. Details KR Exchange rate Dollars
  • Issued common stock $13,000.00 $3.10 $40,300. Increases in net monetary assets:
  • Sold building $8,500.00 $3.30 $28,050.
  • Sales $162,000.00 $3.20 $518,400. - $958,750.
  • Purchased equipment Apr. 1, 2017 -$64,000.00 $3.10 -$198,400. Decreases in net monetary assets:
  • Paid dividends Oct. 1, 2017 -$57,000.00 $3.40 -$193,800.
  • Rent dividends 2017 -$21,500.00 $3.20 -$68,800.
  • Salary expense 2017 -$45,000.00 $3.20 -$144,000.
  • Utilities expense 2017 -$7,000.00 $3.20 -$22,400.
    • -$627,400.
  • End net assets balance Dec. 31 $331,350.
  • Net assets balance $124,000.00 $3.00 $372,000. Details KR Exchange rate Dollars
  • Issued common stock $13,000.00 $3.10 $40,300. Increases in net monetary assets:
  • Sold building $8,500.00 $3.30 $28,050.
  • Sales $162,000.00 $3.20 $518,400. - $958,750.
  • Purchased equipment Apr. 1, 2017 -$64,000.00 $3.10 -$198,400. Decreases in net monetary assets:
  • Paid dividends Oct. 1, 2017 -$57,000.00 $3.40 -$193,800.
  • Rent dividends 2017 -$21,500.00 $3.20 -$68,800.
  • Salary expense 2017 -$45,000.00 $3.20 -$144,000.
  • Utilities expense 2017 -$7,000.00 $3.20 -$22,400.
    • -$627,400.
  • End net assets balance Dec. 31 $113,000.00 $331,350.
  • Value of ending non-monetary assets $113,000.00 $3.50 $395,500. (-)
  • Translation adjustment -$64,150.
  • Ch 8 โ€“ P
  • Sales $800,000.00 $0.27 $219,200. Details Pounds Exchange rate Dollars
  • Cost of goods sold -$420,000.00 $0.27 -$115,080.
  • Salary expense -$74,000.00 $0.27 -$20,276.
  • Rent expense (Adjusted) -$36,000.00 $0.27 -$9,864.
  • Other expenses -$59,000.00 $0.27 -$16,166.
  • Gain on sale of fixed assets $30,000.00 $0.27 $8,190.
  • Net Income $241,000.00 $66,004.
  • Retained earnings, beg. Balance $133,000.00 $38,244.
  • Net income $241,000.00 $66,004.
  • Dividend paid -$50,000.00 $0.28 -$13,750.
  • Retained earnings, end. Balance $324,000.00 $90,498.
  • Cash and receivables $146,000.00 $0.27 $39,420.
  • Inventory $297,000.00 $0.27 $80,190.
  • Prepaid rent (adjusted) $10,000.00 $0.27 $2,700.
  • Property, plant, and equipment (net) $455,000.00 $0.27 $122,850.
  • Total $908,000.00 $245,160.
  • Accounts payable $54,000.00 $0.27 $14,580.
  • Notes payable $140,000.00 $0.27 $37,800.
  • Common stock $240,000.00 $0.30 $72,000.
  • Additional paid-in capital $150,000.00 $0.30 $45,000.
  • Retained earnings, end. Balance $324,000.00 $90,498.
    • $259,878.
  • Cumulative translation adjustment -$14,718.
  • Total $245,160.
  • Purchase consideration $126,000.
  • Common stock $72,000. (-) book value of net assets
  • Additional paid-in capital $45,000.
  • Excess of purchased price over book value $9,000.
  • Consolidated worksheet for
  • Sales $200,000.00 $219,200. Debit Credit
  • Cost of goods sold -$93,800.00 -$115,080.
  • Salary expense -$19,000.00 -$20,276.
  • Rent expense (Adjusted) -$7,000.00 -$9,864.
  • Other expenses -$21,000.00 -$16,166.
  • Dividend income $13,750.00 $ - $13,750.
  • Gain on sale of fixed assets $ - $8,190.
  • Net income $72,950.00 $66,004.
  • Retained earnings, beg. Balance $318,000.00 $38,244.00 $38,244.00 $38,244.
  • Net income $72,950.00 $66,004.
  • Dividend paid -$24,000.00 -$13,750.00 $13,750.
  • Retained earnings, end. Balance $366,950.00 $90,498.
  • Cash and receivables $110,750.00 $39,420.
  • Inventory $98,000.00 $80,190.
  • Prepaid rent (Adjusted) $30,000.00 $2,700.
  • Investment $126,000.00 $38,244.00 $164,244.
  • Property, plant, and equipment (net) $398,000.00 $122,850.00 $9,000.00 $900.
  • Total $762,750.00 $245,160.
  • Accounts payable $60,800.00 $14,580.
  • Notes payable $132,000.00 $37,800.
  • Common stock $120,000.00 $72,000.00 $72,000.
  • Additional paid-in capital $83,000.00 $45,000.00 $45,000.
  • Retained earnings, end. Balance $366,950.00 $90,498.
    • $259,878.
  • Cumulative translation adjustment -$14,718.00 $900.
  • Value of revaluation Dec. 31, 2016 $30,000.00 $0.27 $8,100. Details Pounds Exchange rate Dollars
  • Value of revaluation Jan. 1, 2017 $30,000.00 $0.30 $9,000.
  • Cumulative translation adjustment -$900.
    • $419,200. Consolidated Balances
  • -$208,880. - -$39,276. - -$16,864. - -$37,166. - $8,190. $ -
    • $125,204.
    • $356,244.
  • $125,204.
    • -$24,000.
  • $457,448.
  • $150,170.
  • $178,190. - $32,700.
  • $528,950. $ -
  • $890,010. - $75,380.
  • $169,800.
  • $120,000. - $83,000.
  • $457,448.
  • $905,628.
    • -$15,618.
  • $890,010.