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Texana Inc. imports inventory from Mexico Prepare the journal entries for Texana to

Texana Inc. imports inventory from Mexico. Prepare the journal entries for Texana to record the following transactions. Include any year-end adjustments.

 

Dec 21

Purchased inventory from Acquilla Co. for 500,000 Mexican pesos. The exchange rate was $0.0914 per peso. The credit terms were n/30.

Dec 31

The exchange rate was $0.0917 per peso.

Jan 20

Paid Acquilla Co. for the December 21 purchase. The exchange rate was $0.0920 per peso.

 

 

 

 

157. Mian, Inc., sells American gourmet foods to merchandisers in Singapore. Prepare the journal entries for Mian to record the following transactions. Include any year-end adjustments.

 

Dec 20

Sold items to Solingen, Inc., for 60,000 Singapore dollars. The exchange rate was $0.476 per Singapore dollar. The purchase terms were n/30.

Dec 31

The exchange rate was $0.480 per Singapore dollar.

Jan 17

Received payment from Solingen for the December 20 sale. The exchange rate was $0.495 per Singapore dollar.

 

 

 

158. The following information is available from the financial statements of Cosmotropolis:

 

2012

2013

2014

Total assets, December 31

$341,585

$395,412

$922,357

Net income

35,550

49,512

68,149


 

       

What is Cosmotropolis’ return on total assets for 2013?

 

 

 

 

159. The following information is available from the financial statements of Cosmotropolis:

 

 

2012

2013

2014

Total assets, December 31

$341,585

$395,412

$922,357

Net income

35,550

49,512

68,149


 

       

What is Cosmotropolis’ return on total assets for 2014?

Jan 28 2020 View more View Less

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