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Slade Corporation, a U.S. company, purchased materials on account from a manufacturer in M

Slade Corporation, a U.S. company, purchased materials on account from a manufacturer in Mexico on June 15. The invoice was denominated in the shipper's currency for 480,000 pesos. The goods were paid for on July 18. Slade closes their fiscal year on June 30, and used the following indirect quotes to measure the amounts related to the transactions.

 

June 15 $1.00 = 12.50 pesos

June 30 $1.00 = 12.80 pesos

July 18 $1.00 = 12.00 pesos

 

Required:

Show all related journal entries for Slade Company.

14) The table below provides either a direct or indirect quote for a given foreign currency unit, and the related units of that foreign currency.

 

Quote

Foreign Currency Units

U.S. Dollars

1 fcu : $0.0065

40,000 fcu

 

$1 : .0098 fcu

980 fcu

 

1 fcu : $0.0796

80,000 fcu

 

$1 : .0688 fcu

55,040 fcu

 

1 fcu : $0.3597

110,000 fcu

 

$1 : .8443 fcu

25,329 fcu

 

1 fcu : $1.68

50,000 fcu

 

$1 : 1.64 fcu

29,520 fcu

 

1 fcu : $12.67

5,000 fcu

 

$1 : 184.66 fcu

738,640 fcu

 

1 fcu : $166.79

700 fcu

 

 

Required:

Complete the table, indicating the amount of U.S. Dollars that is the equivalent of the foreign currency shown, based on the direct or indirect quote provided.

Dec 07 2019 Read more Less More

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