国际会计课后作业二附答案Word格式文档下载.docx
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国际会计课后作业二附答案Word格式文档下载.docx
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Theexchangeratespecifiesthenumberofdomesticcurrencyunitsneededtoacquireaunitofforeigncurrency.
indirectquote
Theexchangeratespecifiesthepriceofaunitofthedomesticcurrencyintermsoftheforeigncurrency.
currentrate
Theexchangerateineffectattherelevant
financialstatementdate.
functionalcurrency
Theprimarycurrencyinwhichanentitydoesbusinessandgeneratesandspendscash.Itisusuallythecurrencyofthecountrywheretheentityislocatedandthecurrencyinwhichthebooksofrecordaremaintained
historicalrate
Theforeignexchangeratethatprevailedwhenaforeigncurrencyassetorliabilitywasfirstacquiredorincurred.
monetaryitems
Obligationstopayorrightstoreceiveafixednumberofcurrencyunitsinthefuture.
settlementdate
Thedateonwhichapayableispaidorareceivableiscollected.
C.DrillsofBusinessTransaction
1.XYZisaU.S.company,itsforeignexchangebusinessasbelow:
OnDec.1,2008,XYZcompanypurchasesaquantityofmerchandise,onthatdaytheexchangerateisUK£0.6169=US$1.AssumethetransactioncostsisUK£81050,paymentperiod
is60days.
Assumethefollowingexchangerates:
December31,2008
UK£0.6150=US$1
January31,2009
UK£0.6159=US$1
Required:
PrepareddoubleentriesunderTwo-transactionPerspectivewhentransaction,statementandtransactionsettlementdate.
1.OnDec.1,2008.TransactionDate
Dr.
MerchandiseInventory
$131382.72
Cr.
AccountsPayable
£81050÷
0.6169
2.OnDec.31,2008.
StatementDate
Dr.ForeignExchangeLoss
$405.9
Cr.AccountsPayable
(0.6150-0.6169)
3.OnJan.31,2009.SettlementDate
(1)Dr.AccountsPayable
$192.58
Cr.ForeignExchangeGain
(0.6159-0.6150)
(2)Dr.AccountsPayable
$131596.04
Cash
2.AssumethataU.S.firmimports(exports)equipmentfromGermanyonMarch1for€200,000whentheexchangerateis$1.3112pereuro.PaymentineurodoesnothavetobemadeuntilApril30.AssumethatonMarch31,theexchangerateis$1.3500pereuroandonApril30is$1.3300.
(1)Givethejournalentriesunderthetwo-transactionperspectivetotheU.S.firm.
(2)Givethejournalentriesunderthesingle-transactionperspectivetotheU.S.firm.
Underthesingle-transactionperspective
a.Whenthefirmasanimporter.
1.OnMarch1.TransactionDate
Equipment
$262,240
£200,000x1.3112
2.OnMarch31.StatementDate
Dr.Equipment
$7,760
£200,000x(1.3500-1.3112)
3.OnApril31.SettlementDate
$4,000
Cr.Equipment
£200,000x(1.3300-1.3500)
$266,000
Underthetwo-transactionperspective
a.Whenthefirmasanexporter.
AccountsReceivable$262,240
Sales
Dr.AccountsReceivable
(1)Dr.Sales
Cr.AccountsReceivable
(2)Dr.Cash
(1)Dr.ForeignExchangeLoss$4,000
3.OnJanuary1,assumethataU.S.firmborrows5millionSwissfrancs(CHF)forthreeyearsat6percentinterestpaidsemiannuallyinSwissfrancs.Theprincipaldoesnothavetoberepaiduntiltheendofloan.Assumealsothattheloanisadjustedforanyexchangeratechangeeverysixmonths.Assumethefollowingexchangeratesforthefirstyear:
January1
$0.8000
June
30
$0.7900
December31
$0.8800
Theaverageexchangerateforthefirstsixmonthswas
$.7960andforthenextsixmonthswas
$.8500.
Pleasepreparethejournalentriesforthefirstyear.
OnJanuary1
Cash
$4,000,000
Loanpayble
CHF5,000,000x0.80000
OnJune30
(1)LoanPayable
$50,000
ForeignExchangeGain
CHF5,000,000x(0.80000-0.7900)
(2)InterestExpense
$119,400
$900
$118,500
InterestExpense:
CHF5,000,000x.(0.06/2)x0.7960=CHF150,000x..7960=$119,400
InterestPaid:
CHF5,000,000x.(0.06/2)x0.7900=CHF150,000x..7900=$118,500
OnDecember31
(1)ForeignExchangeGain
$450,000
LoanPayable
CHF5,000,000x(0.8800-0.7900)
$127,500
ForeignExchangeLoss
$4,500
$132,000
CHF5,000,000x.(0.06/2)x0.8500.=CHF150,000x0.8500=$127,500
CHF5,000,000x.(0.06/2)x0.8800=CHF150,000x..8800=$132,000
4.SupposeXcompanyisasubsidiaryofaChinesecompanylocatedinanothercountry. TheFCisfunctionalcurrency.Thebalancesheet, incomestatementandrelatedexchangeratelistedbelow:
Required:
Usethecurrentandtemporalmethod
totranslatethebalancesheetandincomestatementwhichexpressedatFCintoChineseRMByuan.
FinancialStatementsofXSubsidiaryCompany
BalanceSheet
12/31/2007
12/31/2008
CashFC500
Accountreceivable1500
Inventories(market)10003000
Fixedassets8000
Accumulated depreciation(1000)Long-termnotesreceivable3000
TotalassetsFC15000
AccountpayableFC2000
Short-termdebt 1000
Long-termliabilities3000
Stockcapital8000
Retainedearnings 1000
Totalliabilitiesandowner’sequityFC15000
Income
Statement
Yearended12/31/2008
Sales FC 20000
Costofsales FC 12000
Depreciation 1000
Administrativeexpenses3000
Incomebefore tax FC 4000
Incometax1500
NetincomeFC 2500
Retainedearnings(31/12/2007) 3500
TotalFC6000
Dividenddistribution 3000
Retainedearnings(31/12/2008) FC3000
SupposeExchangeratesandrelateddataforcalendar2008wereasfollows
1)December31,2008
FC1RMB¥0.50
2)Averageduring2008
FC1RMB¥0.44
3)Averageduring4thquarter,2008
FC1RMB¥0.42
4)Onstockofferingdate
FC1RMB¥0.45
5)Ondividend
distributiondate
FC1RMB¥0.46
6)Onthedateacquisitionoffixedassets
FC1RMB¥0.43
7)Onthedatelong-termnotesreceivableoccurredFC1RMB¥0.44
8)Onthedatelong-termdebtoccurred
FC1RMB¥0.48
9)December31,2007inventorycostFC1000,FC1RMB¥0.40(C)FC1RMB¥0.41(H)
10)retainedearningsonDecember31,2007is
RMB¥1400(undercurrentmethod)
11)retainedearningsonDecember31,2007is
RMB¥1500(undertemporalmethod)
12)Supposepurchasescostofinventoryin2008isFC14000.
UsethecurrentratemethodandtemporalmethodtotranslatethebalancesheetandincomestatementwhichexpressedatFCintoChineseRMByuan.
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