ࡱ> MOLc @ 0{bjbjVV (r<r<8B++++D ,o*,0-0-0-0- . . .nnnnnnn$pRKsnn*: . .*:*:n0-0-o<<<*:0-0-n<*:n<<2hm0-, N+o+:Zfj.znDo0ojs<s\msm .@K1R<3y5 . . .nn)+< +Exercise 12-6 Agentel Corporation is a U.S. based importing-exporting company. The company entered into the following transactions during the month of November. Nov. 6 Purchased merchandise from AGT, a Swiss firm, for 600,000 francs. 5 Sold merchandise to SLS Inc, a firm located in rio De Janeiro, for $200,000. 18 Sold merchandise to TNT, Ltd., a British firm, for 130,000 pounds. 20 Purchased merchandise from SDS, Ltd., a British firm, for $160,000. All the transactions were unsettled at December 31, Agentels fiscal year-end. Spot rates are as follows: Currency Date Franc Real Pound November 6 $.490 $.412 $1.520 November 15 $.487 $.409 $1.509 November 18 $.476 $.414 $1.506 November 20 $.468 $.405 $1.498 November 31 $.460 $.398 $1.482 Compute the amount that Agentel would report for each unsettled receivable and payable in its balance sheet prepared at December 31. Compute the transactions gain or loss on each unsettled receivable and payable that would be reported in the income statement prepared for the year ended December 31. Exercise 12-7 ASI recently completed the development and installation of an accounting information system for a company located in Rio De Janeiro, Brazil. The company considered that all revenue realization criteria were satisfied and accordingly recorded on October 2, 2008, a receivable from the foreign company. The receivable is to be settled in 120 days on February 1 by the delivery of 300,000 Real. To hedge against an unfavorable change in the foreign exchange rate, ASI acquired a forward contract to sell 300,000 real on February 1 for $.4730 per real. The following exchange rates were quoted: Date Spot Rate Forward Rate (Delivery on 2/1) October 2 $.4737 $.4730 December 31 $.4895 $.4810 February 1 $.4950 -- ASI is a calendar-year company. Prepare the journal entries to record the transactions, adjust the accounts on December 31, and settle the receivable and forward contract on February 1. (1) Based on the data given above, complete the following table. 2008 2009 Revenue _______ _________ Transaction gain (loss) related to the exposed receivable bal. _______ _________ Transaction gain (loss) related to the forward contract _______ _________ Effect on net income _______ _________ (2) What was the cumulative effect on net income (ie., 2008 plus 2009)? (3) How much cash was received when the account was settled? Pr 12-2 Crystal Exporting Co. is a U.S. wholesaler engaged in foreign trade. The following transactions are representative of its business dealings. The company used a periodic inventory system and is ona calendar-year basis. All exchange rates are direct quotations. Dec. 1 Crystal Exporting purchased merchandise from Changs Ltd., a Hong Kong manufacturer. The invoice was 210,000 Hong Kong dollars, payable on April 1. On this same date, Crystal Exporting acquired a forward contract to buy 210,000 Hong Kong dollars on April 1 for $.1314. Dec. 29 Crystal Exporting sold merchandise to Zintel Retailers for 120,000 Hong Kong dollars, receivable in 90 days. No hedging was involved. April 1 Crystal Exporting received 120,000 Hong Kong dollars from Zintel Retailers. Crystal Exporting submitted full payment of 210,000 Hong Kong dollars to Changs, Ltd., after obtaining the 210,000 Hong Kong dollars on its forward contract. Spot rates and the forward rates for the Hong Kong dollar were as follows: Spot Rate Forward rate for Apr. 1 Delivery Dec 1 $.1265 $.1314 Dec. 29 $.1240 $.1305 Dec. 31 $.1259 $.1308 April 1 $.1430 Prepare journal entries for the transactions including the necessary adjustments on December 31. Explain the income statement treatment given to any transaction gains and losses recognized at December 31. Ex 13-2 Select the best answer for each of the following items: Golf Company acquired 80% of the outstanding common stock of Ping Company, a foreign company, in an acquisition accounted for as a purchase transaction. In preparing consolidated statements, the paid-in capital of Ping Company should be translated into dollars at the Current exchange rate in effect at the balance sheet date. Exchange rate in effect at the date the capital transactions of the subsidiary took place. Exchange rate in effect at the date Golf Company purchased the Ping Company stock. Exchange rate effective when Ping Company was organized. The account balances of a foreign entity are required by SFAS No. 52 to be measured using that entitys functional currency. The functional currency of an entity is defined as The currency in which the entitys transactions are recorded. The currency of the primary economic environment in which the entity operates. The U.S. dollar. The local currency of the country in which the entity is physically located. When translating foreign currency financial statements for an entity whose functional currency is the local currency of the country in which it is physically located, which of the following accounts is translated using current exchange rates? Bonds payable Inventories carried at market No No Yes No No Yes Yes Yes A translation adjustment (or translation gain) that is a consequence of translation of a functional currency that is different from the reporting currency should be Deferred and amortized over a period not to exceed 40 years. Deferred until a subsequent year when a loss occurs and offset it against that loss. Included as a separate item in the equity section of the balance sheet. Included in net income in the period in which it occurs. A wholly owned foreign subsidiary of Import Corporation has certain expense accounts for the year ended December 31, 2008, stated in local currency units (LCU) as follows: LCU Amortization of patent (patent was acquired 01/01/2006) 40,000 Provision for doubtful accounts 40,000 Rent 120,000 The exchange rates at various dates are as follows: Dollar Equivalent of 1 LCU December 31, 2008 $.20 Average for the year ended December 31, 2008 $.24 January 1, 2006 $.25 The subsidiarys operations were an extension of the parent companys operations. What total dollar amount should be included in Imports income statement to reflect the foregoing expenses for the year ended December 31, 2008? $48,000 $40,000 $48,400 $42,000 Ex 13-3 Select the best answer choice for each of the following items. Perez Companys operations are unrelated to the operations of its subsidiary. Certain balance sheet accounts of the foreign subsidiary at December 31, 2008, have been translated into U.S. dollars as follows: Translated at: Current rates Historical rates Accounts receivable, current $200,000 $220,000 Accounts receivable, long-term $130,000 $140,000 Prepaid insurance $50,000 $55,000 Goodwill $100,000 $110,000 If the accounting is in accordance with SFAS No. 52, what total should be included in Perezs balance sheet at December 31, 2008, for the foregoing items? $480,000 $490,000 $495,000 $580,000 When the functional currency of a foreign operation is the U.S. dollar, translation gains and losses resulting from translating (remeasuring) foreign currency financial statements into U.S. dollars should be included as An extraordinary items in the income statement for the period in which the rate changes. An ordinary item in the income statement for losses but deferred for gains in accordance with the conservatism convention. An ordinary item in the income statement for the period in which the rate changes. A deferred item in the balance sheet. Pal Company is translating account balances of its foreign subsidiary into dollars for its December 31, 2008, balance sheet and its 2008 income statement. The functional currency was identified as the local currency of the foreign subsidiary. The average exchange rate for 2008b should be used to translate Retained earnings at January 1, 2008 Equipment purchased in 2008 Sales for 2008 Cash at December 31, 2008 One of the first steps in translating the financial statements of a foreign subsidiary is the identification of the functional currency of that entity. Which of the following indicates that the functional currency is the local currency of the foreign entity? There is a high volume of intercompany transactions Financing is primarily denominated in the local currency Sales are mostly in the United States, or sales contracts are denominated in dollars Sales prices are primarily responsive in the short term to exchange rate changes When the foreign operations are conducted in a highly inflationary economy, at what translation rates should the goodwill and accounts receivable accounts in foreign statements be translated into U.S. dollars? Goodwill Accounts Receivable Current Average for year Historical Current Historical Historical Current Current Pr 13-3 On January 2, 2008, P Company, a U.S. based company, acquired for 2,000,000 francs an 80% interest in SFr Company, a Swiss company. On January 2, 2008, SFr Company reported a retained earnings balance of 480,000 francs. SFrs books are maintained in francs and are in conformity with U.S. generally accepted accounting principles. Trial balances of the two companies as of December 31, 2009, are presented here: Debits P Company (dollars) SFr Company (francs) Cash 500,200 962,500 Accounts Receivable 516,400 660,000 Inventories (FIFO cost) 627,800 1,037,500 Investment in SFr Company 300,000 -- Land 450,000 500,000 Buildings (net) 610,000 550,000 Equipment (net) 290,000 405,000 Dividends declared 200,000 375,000 Cost of goods sold 2,720,000 2,312,500 Depreciation expense 210,000 125,000 Other expense 914,000 818,750 Income tax expense 100,000 102,500 Totals 7,438,400 7,848,750 Credits Accounts payable 540,000 800,000 Short-term notes payable 300,000 650,750 Bonds payable 700,000 850,000 Common stock 800,000 960,000 Additional paid-in capital 300,000 300,000 Retained earnings, 1/1 544,400 513,000 Sales 4,200,000 3,775,000 Dividend income 54,000 -- Totals 7,438,400 7,848,750 Other information related to the subsidiary follows: Beginning inventory of 830,000 francs was acquired when the exchange rate was $.165. Purchases made uniformly throughout 2009 were 2,520,000 francs. The franc is identified as the subsidiarys functional currency. The subsidiarys beginning (1/1/09) retained earnings and cumulative translation adjustment (credit) in dollars were $75,948 and $36,462, respectively. All plant assets were acquired before the parent obtained controlling interest in the subsidiary. Sales are made and all expenses are incurred uniformly throughout the year. The ending inventory was acquired during the last quarter. The subsidiary declared and paid dividends of 375,000 francs on September 2. The following direct exchange rate quotations were available: Date of subsidiary acquisition $.15 Average for 2008 $.156 January 1, 2009 $.17 September 2, 2009 $.18 December 31, 2009 $.19 Average for the 4th quarter, 2009 $.185 Average for 2009 $.176 Prepare a translated balance sheet and combined statement of income and retained earnings for the subsidiary. Prepare a schedule to verify the translation adjustment. Compute the following ratios based on the franc and the U.S. dollar financial statements. Current ratio Debt to equity Gross profit percentage Net income to sales E12-6) Part A Accounts Receivable Amount SLS, Inc. (denominated in $) $200,000 TNT, Ltd. (130,000 $1.482) 192,660 Accounts Payable AGT (600,000 $.460) 276,000 SDS, Ltd. (denominated in $) $160,000 Part B Receivable Payable SLS, Inc. TNT, Ltd. AGT SDS, Ltd. Transaction date $200,000 $195,780* $294,000** $160,000 Balance sheet date 200,000 192,660 276,000 160,000 Transaction gain (loss) $ 0 $ ( 3,120) $18,000 $ 0 * 130,000 $1.506 = $195,780 ** 600,000 $0.490 = $294,000 E12-7) Part A Oct. 2 Accounts Receivable (300,000 $.4737) 142,110 Service Revenue 142,110 2 Dollars Receivable from Exchange Dealer 141,900 FC Payable to Exchange Dealer 141,900 (300,000 $.473= $141,900) Dec 31 Accounts Receivable 4,740 Transaction Gain [(300,000 $.4895 = 146,850) - 142,110] 4,740 31 Transaction Loss [(300,000 $.4810 = $144,300) - $141,900] 2,400 FC Payable to Exchange Dealer 2,400 Feb 1 Accounts Receivable 1,650 Transaction Gain [(300,000 $.4950 = $148,500) - $146,850] 1,650 1 Transaction Loss [(300,000 $.4950 = $148,500) - $144,300] 4,200 FC Payable to Exchange Dealer 4,200 Feb. 1 Investment in FC 148,500 Accounts Receivable (300,000 $.4950) 148,500 Feb. 1 Cash 141,900 FC Payable to Exchange Dealer 148,500 Investment in FC 148,500 Dollars Receivable from Exchange Dealer 141,900 2008 2009 Part B 1. Revenue $142,110 $ 0 Transaction gain (loss) related to the exposed receivable balance 4,740 1,650 Transaction gain (loss) related to the forward contract (2,400) (4,200) Effect on net income $144,450 $(2,550) 2. Cumulative effect on net income: $144,450 - $2,550 = $141,900 3. Cash received = $141,900 Pr12-2) Part A Dec 1 Purchases 26,565 Accounts Payable (210,000 $.1265) 26,565 1 FC Receivable from Exchange Dealer 27,594 Dollars Payable to Exchange Dealer 27,594 (210,000 $.1314 = $27,594) Dec. 29 Accounts Receivable (120,000 $.1240) 14,880 Sales 14,880 31 Accounts Payable 126 Transaction Gain [(210,000 $.1259 = $26,439) - $26,565] 126 31 Transaction Loss 126 FC Receivable from Exchange Dealer 126 [(210,000 $.1308 = $27,468) - $27,594] 31 Accounts Receivable 228 Transaction Gain [(120,000 $.1259 = $15,108) - $14,880] 228 Apr. 1 Cash (120,000 .1430) 17,160 Accounts Receivable 15,108 Transaction Gain 2,052 1 Transaction Loss 3,591 Accounts Payable [(210,000 $.1430 = $30,030) - $26,439] 3,591 1 FC Receivable from Exchange Dealer 2,562 Transaction Gain [(210,000 $.1430 = $30,030 - $27,468] 2,562 1 Investment in FC 30,030 Dollars Payable to Exchange Dealer 27,594 Cash 27,594 FC Receivable from Exchange Dealer 30,030 1 Accounts Payable 30,030 Investment in Foreign Currency 30,030 Part B The aggregate transaction gain of $228 ($126 - $126 + $228) is included in the firm's income statement as part of continuing operations. E13-2) 1. c 2. b 3. d 4. d 5. c E13-3) 1. a 2. c 3. c 4. b 5. b Pr13-3) Balance Sheet Cash 962,500 $.19 182,875 Accounts Receivable 660,000 .19 125,400 Inventories 1,037,500 .19 197,125  V c f k n r v { | R}~def!%)'*'-A-B-..... 00001"2#23þ˺h5 h; >* h; h; h; h; >*h; hTCh]5T h*h*h*hBn2hBn2>*h>ShBn2:F N _ |  4 ` a o .GgB & Fgd8Ggd8GgdBn2 & FgdBn2{BMm 5~sf4J X & FgdQlgdQl & FgdQlgd8G^gd8GXeN9w$EMV_iK! & Fgd"]"""" #gd]5T^gd]5T & F gd]5T & F gd*h:whHYCJOJQJh:whHYaJ h:whHYh:whHY>*CJOJQJh:whHYCJOJQJh:whHY5CJOJQJ\+h4hBn25B*CJOJQJ\aJph+h4h;j/5B*CJOJQJ\aJph hBn2h*CJOJQJh:whHYCJOJQJh:whHYCJOJQJh:whHY>*CJOJQJ-888999: :0::::N;;;;0<< 7QU"%dgdj$ QU"%da$gdj$ S(a$gdHY$  S(&l a$gdHY$ S]%a$gdHY<<R====>>?p?r??@@'@P@n@@@@@$ &$'hd^h`a$gdj 7QU"%dgdj$ QU"%da$gdj<=&=(=0>6>8>X>Z>>>???@@@@@@@@@@@@@6AqAxAyAAB0B*CJOJQJh:whj>*CJOJQJ h:whjh hjCJOJQJhjCJOJQJh:whjCJOJQJh:whjCJOJQJ6@@6AAAAAAB0BlBBB*CCCC*hIshj>*UhIshj5>*\hIshj5\ hIshjhj+h4h;j/5B*CJOJQJ\aJphh;j/h:whj5CJOJQJ\h:whjCJOJQJh:whjCJOJQJ6JJJJ"K#K+KLKMKUKvKwKxKKKKK$ Sn'(,L,(5da$gdj$ Sn'L,(5da$gdj z0gdj$ SO U"%S^S`a$gdj$ SO U"%a$gdjKLtHtstttttu6ujuuuuu,v>vov$ Sn'+d25da$gdj$ Sn'L, 4da$gdj$ Sn'L,(5da$gdj Land 500,000 .19 95,000 Buildings (net) 550,000 .19 104,500 Equipment (net) 405,000 .19 76,950 4,115,000 781,850 Accounts Payable 800,000 .19 152,000 Short-term Notes Payable 650,750 .19 123,643 Bonds Payable 850,000 .19 161,500 Common Stock 960,000 .15 144,000 Additional Paid-in Capital 300,000 .15 45,000 Retained Earnings 554,250 81,708 Cumulative Translation Adjustment (Credit) --- 73,999 4,115,000 781,850 Part B Verification of the Translation Adjustment Translation Francs Rate U.S.$ Exposed net asset position - 1/1 1,773,000* $.17 301,410 Adjustments for changes in net asset position during the year: Net income for the year 416,250 .176 73,260 Dividends declared (375,000) .18 (67,500) Net asset position translated using rate in effect at date of transaction --- 307,170 Exposed net asset position - 12/31 1,814,250 .19 344,708 Change in cumulative translation adjustment during the year - net increase 37,538 Cumulative translation adjustment - 1/1 (Given) 36,462 Cumulative translation adjustment - 12/31 (Credit balance) 74,000** ** Difference of $1.00 ($74,000 compared to $73,999) due to rounding. * Common stock 960,000 Additional paid-in capital 300,000 Retained earnings 513,000 1,773,000 Francs $ Part C Current ratio  EMBED Equation.3  = 1.83  EMBED Equation.3  = 1.83 Debt to equity  EMBED Equation.3  = 1.27  EMBED Equation.3  = 1.27 Gross profit percentage  EMBED Equation.3  = 38.7%  EMBED Equation.3  = 38.7% Net income to sales  EMBED Equation.3  = 11.0%  EMBED Equation.3  = 11.0% ovvvwNwww?x|xxyyMyuyyyz    gdj  dgdj  Sdgdjdgdj$ Sn'L,(5da$gdj$ Sn&L, 4(5da$gdj$ Sn'L, 4(5da$gdjwwwwtx{xxxyyyyyyyz zzzz2z3zFzGzHzIzQzRzezfzgzhzpzqzzzzzzzzzzösjqhIshjEHUj); hIshjCJUVhIshjCJj7hIshjEHUj\B hIshjCJUVjhIshjEHUjx); hIshjCJUVjhIshjUhIshj5\hIshj>* hIshjhIshj>**zpzqzzz${%{{{{{gdj  Sgdj zzzzzzzzzzzz{{{{{{${%{A{B{U{V{W{X{b{c{v{w{x{y{{зК}p`SjihIshjEHUj*; hIshjCJUVj= hIshjEHUjM*; hIshjCJUVj hIshjEHUj*; hIshjCJUVjhIshjEHUj); hIshjCJUVhIshjCJ hIshjjhIshjUjhIshjEHUj\B hIshjCJUV {{h;j/&1h:pu/ =!"#$%7Dd $J  C A? 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