Business
Business, 12.08.2020 07:01, mgkman9814

Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 84,000 pounds. The subsidiary immediately borrowed 200,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 284,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary rented the building for three years to a group of local attorneys for 7,200 pounds per month. By year-end, rent payments totaling 72,000 pounds had been received, and 14,400 pounds was in accounts receivable. On October 1, 3,600 pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of 5,100 pounds back to Sullivan's Island Company on December 31, 2017. The functional currency for the subsidiary is the pound. Currency exchange rates for 1 pound follow: January 1, 2017 $ 2.10 = 1 Pound
October 1, 2017 2.15 = 1
December 31, 2017 2.18 = 1
Average for 2017 2.14 = 1
Prepare an income statement, statement of retained earnings, and balance sheet for this subsidiary in pounds and then translate these amounts into U. S. dollars.

answer
Answers: 3

Other questions on the subject: Business

image
Business, 22.06.2019 14:20, deisyy101
Frugala is when sylvestor puts $2,000 into 10-year state bonds and $3,000 into 5-year aaa-rated bonds in steady hand hardware, inc. he buys the four state bonds at a 5 percent interest rate and the three steady hand bonds at a 6.5 percent rate. sylvestor also buys $1,500 worth of blue chip stocks, and $800 worth of stock in a promising new sportswear company that reinvests its earnings in new growth. 1. (a) what is the maturity for each of the bond groups sylvestor buys? (b) the coupon rate? (c) the par value?
Answers: 3
image
Business, 22.06.2019 15:30, jasonoliva13
Careers in designing, planning, managing, building and maintaining the built environment can be found in the following career cluster: a. agriculture, food & natural resources b. architecture & construction c. arts, audio-video technology & communications d. business, management & administration
Answers: 2
image
Business, 22.06.2019 21:00, alexis9658
Kendra knight took part in a friendly game of touch football. she had played before and was familiar with football. michael jewett was on her team. in the course of play, michael bumped into kendra and knocked her to the ground. he stepped on her hand, causing injury to a little finger that later required its amputation. she sued michael for damages. he defended on the ground that she had assumed the risk. kendra claimed that assumption of risk could not be raised as a defense because the state legislature had adopted the standard of comparative negligence. what happens if contributory negligence applies? what happens if the defense of comparative negligence applies?
Answers: 2
image
Business, 23.06.2019 00:50, Bunnybear3384
On january 1 of the current year, jimmy's sandwich company reported owner's capital totaling $128,000. during the current year, total revenues were $106,000 while total expenses were $95,500. also, during the current year jimmy withdrew $30,000 from the company. no other changes in equity occurred during the year. if, on december 31 of the current year, total assets are $206,000, the change in owner's capital during the year was:
Answers: 3
Do you know the correct answer?
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by i...

Questions in other subjects:

Konu
Computers and Technology, 06.10.2021 20:50