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CHAPTER INTERNATIONAL INTERNATIONAL ACCOUNTING STANDARDS; STANDARDS; ACCOUNT FOR FOREIGN FORE IGN CURRENCY TRANSACTIO TRANSACTIO
The title of each problem is followed by the estimated time in minutes required for completion and difficulty rating. The time estimates are applicable for students using the partially filled-in working pap Pr. 11–1
Pr. 11–2
Pr. 11–3
Pr. 11–4
Pr. 11–5
Pr. 11–6
Caribbean Company (25 minutes, medium)
Journal entries for 60-day forward contract under two different assumptions as to purpo contract. U.S. Company and Spheric Company (30 minutes, medium) Two unrelated parts: Journal entries for purchase of merchandise from a foreign supplie sale of the merchand merchandise ise to a foreign foreign custome customer; r; journal journal entries entries for forward forward contrac contrac designated as a hedge. Zonal Corporation and Iberia Company (30 minutes, medium) Two unrelated parts: Journal entries for sale of merchandise to a foreign customer; entrie promissory note received for sale to foreign customer. Imex Company (30 minutes, minutes, medium) medium) Journ Journal al entri entries es for for impo imports rts and and expo exports rts and and relat related ed transl translati ation on of fore foreig ign n curr Computation of foreign currency transaction gains and losses from settlement of foreign transactio transactions ns and from end-o end-of-pe f-perio riod d adjustm adjustment entss of trade account accountss payable payable to suppliers. Impo Company (30 minutes, medium) Journal entries for acquisition of machine from foreign supplier, loan from foreign bank to for machine, and depreciation of machine. Allison Company (30 minutes, minutes, medium) medium) Adjusting entries to correct accounting for two types of forward contracts.
ANSWERS TO REVIEW QUESTIONS
Master your Scribd 1. Tsemester he U.S. term for jointly with controlled entity is influenced influenced investee. Read Free Foron 30this Days Sign up to vote title 2. International Financial Reporting Standard 3 requires purchase accounting for all business & The New York Times Useful Not useful combinations and periodic testing of goodwill for impairment. Cancel anytime.
Special offer for3students: . InOnly IAS$4.99/month. 27 , “Consolidated Financial Statements . . . ,” the IAS adopted neither the parent comp
concept nor the economic unit concept of consolidated financial statements.
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6. 7. 8.
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The The U.S. U.S. ente enterpr rpris isee wou would ld have have to exc excha hang ngee $215 $215 (¥50 (¥50,000 ,000 x $0.00 $0.0043 43 sel selli ling ng spot spot rate rate = $2 a ¥50,000 draft to settle the trade account payable to the Japanese supplier. A multinational enterprise is a business enterprise that carries on operations in more than one nation, through a network of branches, divisions, and subsidiaries. The The U.S. U.S. ent enterp erpris risee wou would ld credi creditt $9,60 $9,600 0 (P80,0 (P80,000 00 x $0.12 $0.12 sell sellin ing g rate rate = $9,60 $9,600) 0) to to the the Trad Trad Accounts Payable ledger account for a P80,000 purchase from the Philippine exporter. The The posit positio ion n of the the Finan Financia ciall Acc Accou ount ntin ing g Standar Standards ds Board Board on on the the record recordin ing g of fore foreig ign n curren curren transaction gains and losses is that they should be recognized when the exchange rate changes, order to record the gains or losses in the period of the event the the exchange rate change rathe rathe than on the date the account balance is settled. Proponents of the one-transaction perspective maintain that foreign currency transaction gai losses resulting from foreign currency exchange rate fluctuations should be applied to adjust th cost of merchandise acquired or sold in a foreign trade transaction. In their view, the foreign tr transaction and the acquisition of foreign currency as a result of the transaction are a single economic event. Argu Argum ments ents adva advan nced ced in in sup suppo port rt of the the two-transaction perspective for foreign currency transaction gains and losses are as follows: (1) A foreig foreign n trade transaction is composed composed of two separate transactions: transactions: One is the purchase sale of the merchandise; the other is the acquisition or disposal of the foreign currency paid acquired in settlement of the purchase or sale. (2) Assumption Assumption of the the risk of a foreign foreign currency transaction transaction gain or loss, rather than hedgin hedgin risk, is a financing-type activity, not a merchandising decision. A forward contract is an agreement to exchange currencies of different countries on a specifi future date at the forward rate in effect when the contract was made. A U.S. multi multinati nationa onall enterp enterprise rise may hed hedge ge again against st the the risk risk of fluct fluctuatio uations ns in in exchan exchange ge rates f foreign currencies by acquiring forward contracts for the foreign currencies at the forward rate delivery on specified future dates. Market risk is the risk of a decline in value or an increase in onerousness of a financial instrum resulting from future changes in market prices.
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SOLUTIONS TO EXERCISES
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Ex. 11–1
1. 2. 3. 4. 5. 6.
Ex. 11–2
Journal entries for L.A. Company:
b b ($1.00 ÷ $1.55 = £0.65) a ($1.00 ÷ 1.9672 = £0.5083) a a (LCU100,000 x $0.15 = $15,000) c
2005 June 26 30
July 26
Ex. 11–3
d a c c
Inventories (£10,000 x $1.67) Trade Accounts Payable
16,700
Forei Foreign gn Curre Currency ncy Trans Transact actio ion n Losse Lossess [£10,0 [£10,000 00 x ($1.68 ($1.68 – $1.67)] Trade Accounts Payable Trade Accounts Payable Cash (£10,000 x $1.66) Foreign Currency Transaction Gains
10 0 16,800
Journal entries for Walker, Inc.: 2005 Sept. 1
Oct. 25
Ex. 11–4
7. 8. 9. 10.
Machinery (C100,000 x $1.070) Trade Accounts Payable To record acquisition of machine from Pfau Company for tr anslated at selling selling spot rate. ra te. C100,000, translated
107,000
Trade Accounts Payable Cash (C100,000 x $1.065) Foreign Currency Transaction Gains To record payment of C100,000 to Pfau Company and and recognition of transaction gain.
107,000
Journal entries for U.S. Company:
2005 Master your semester with Scribd Nov. 18 Trade Accounts Receivable (C1,500 x $1.055) 1,5 83 Read Free Foron 30this Days Sign up to vote title & The New York Times Sales Useful Not useful 18 Cost of Goods Sold Special offer for students: Only $4.99/month. Inventories
Cancel anytime.
1,000
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Journal entries for Lincoln Company: 2005 Mar. 25 25 Trade Accounts Re Receivable (K (Kr2,000,000 x $0.19) Sales
380,000
25
Cost of Goods Sold Inventories
260,000
31
Trad rade Acco ccounts Receivabl able [Kr2, Kr2,0 000,00 0,000 0 x ($0. ($0.20 20 – $0.19 0.19)] )] Foreign Currency Transaction Gains
20,00 20,000 0
Apr. 24
Cash (Kr2,000,000 x $0.18) Foreign Currency Transaction Losses Trade Accounts Receivable ($380,000 + $20,000)
360,000 40,000
Journal entries for Yankee Company: 2005 Mar. 1
Apr. 30
Notes receivable (LCU600,000 x $0.30) Sales To record sale of merchandise for 60-day, 18% promissory note.
180,000
Cash (LCU618,000 x $0.33) Notes Receivable
203,940 18
Interest Revenue ($180,000 x 0.18 x
60 360
)
Foreign Currency Transaction Gains [LCU618,000 x ($0.33 – $0.30)] To record payment of note receivable and recognition of interest revenue and transaction gain. Ex. 11–7
Correcting entry for Transglobal Company, Nov. 19, 2005: Foreign Currency Transaction Losses Cost of Goods Sold Inventories To correct accounting for foreign currency transaction loss on settlement of liability to French supplier.
Ex. 11–8 Journal entries for Kingston Company: Master your semester with Scribd 2005 MarTimes . 31 Investment in Forward Contract & The New York Forward Contract Payable Special offer for students: Only $4.99/month.
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3,000
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To record forward contract for LCU100,000, at forward rate of LCU1 = $0.25 (LCU100,000 x $0.25 = $25,000).
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Trade Accounts Payable To record purchase on 30-day open account from Belgian supplier for C80,000, translated at selling spot rate of C1= $1.08 (C80,000 x $1.08 = $86,400). 6
Investment in Forward Contract Forward Contract Payable To record forward contract for C80,000 at forward rate of C1 = $1.10 ( C80,000 x $1.10 = $88,000).
88,000
Sept. 5
Foreign Currency Transaction Losses Inventories Investment in Forward Contract Foreign Currency Transaction Gains To recognize fair value of forward contract investment, resultant transaction loss, increase in fair value of inventories, and resultant transaction gain, as follows: Forward price of contract: Aug. 6 $88,000 Sept. 5 (C80,000 x $1.09) 87,200 Transaction loss and gain $ 800
8 00 800
5
Investment in Euros (C80,000 x $1.09) Forward Contract Payable Investment in Forward Contract ($88,000 – $800) Cash To record settlement of forward contract and fair value of investment investment in euros. eur os.
87,200 88,000
5
Trade Accounts Payable Inventories Investment in Euros To record payment of Belgian supplier; inventories acquired now carried at the U.S. dollar amount of the forward contract contract ($86,400 + $800 + $800 = $88,000).
86,400 800
CASES semester with Scribd Master your Read Free Foron 30this Days Sign up to vote title Case 11–1 Arguments in favor of the FASB’s continuing issuance of Statements include the unique & The New York Times Useful Not useful features of many accounting issues in the United States, such as financial instruments Cancel anytime.
Special offer for students: Only $4.99/month. (including derivative instruments) valuation and disclosure, accounting for stock compensa
plans, and accounting for postemployment benefits other than pensions, that necessitate ac
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Standards will decrease comparability among the financial reports of U.S. enterprises and foreign enterprises because the trend in U.S. accounting standard setting has been to limit significantly alternative accounting principles for a specific business transaction or event.
Case 11–3 Students’ solutions to this case should be evaluated on the extent to which they address the numerous qualitative and quantitative disclosures required for derivative instruments by paragraphs 44 and 45 of FASB Statement No. 133, “Accounting for Derivative Instrume and Hedging Activities.” Perhaps selected students might make a Powerpoint-enhanced ora presentation of their solution.
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25 Minutes, Medium Caribbean Company
P Caribbean Company Journal Entries
a.
20 05 Aug 1 Investment in Forward Contract (£50,000 x $1.95) Forward Contract Payable
9 7 5 0 0 9 7 5
31 Foreign Foreign Currenc Currency y Transa Transaction ction Losses Losses [$97,500 [$97,500 – (£50,000 x $1.93) – ($1,000 x 0.06 x 30/360)]
9 9 5
Investment in Forward Contract Sept
9
30 Investment in Pounds (£50,000 x $1.92) Forward Contract Payable Foreign Currency Transaction Losses
9 6 0 0 0 9 7 5 0 0
[($97,500 – $995) – $96,000] Cash
5 0 5 9 7 5
Investment in Forward Contract ($97,500 – $995)
9 6 5
b.
20 05 Aug
1 Investment in Forward Contract Forward Contract Payable
9 7 5 0 0 9 7 5
31 Foreign Currency Transaction Losses
9 9 5
Firm Commitment for Inventories Investment in Forward Contract
9 9 5 9
Foreign Currency Transaction Gains Sept
9
30 Foreign Currency Transaction Losses
5 0 5
Firm Commitment for Inventories Investment in Forward Contract
5 0 5 5
Foreign Currency Transaction Gains 0 Investment in Pounds Master your 3semester with Scribd Forward Contract Payable Investment in Forward Contract & The New York Times ($97,500 – $995 – $505) Cash Special offer for students: Only $4.99/month.
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U.S. Company and Spheric Co mpany
P U.S. Company
a.
Journal Entries 20 05 June 27 Inventories (C100,000 x $1.05) Trade Accounts Payable
1 0 5 0 0 0 1 0 5 0
27 Trade Accounts Receivable ($C180,000 x $0.84)
1 5 1 2 0 0
Sales
1 5 1 2
27 Cost of Goods Sold
1 0 5 0 0 0
Inventories July
1 0 5 0
27 Trade Accounts Payable Foreign Currency Transaction Losses
1 0 5 0 0 0 1 0 0 0
Cash (C100,000 x $1.06)
1 0 6 0
27 Cash ($C180,000 x $0.85)
1 5 3 0 0 0
Trade Accounts Receivable Foreign Currency Transaction Gains
1 5 1 2 1 8
Spheric Company
b.
Journal Entries 20 05 Mar Mar 31 For Foreign eign Curr Curren ency cy Tran Transa sact ctio ion n Loss Losses es [$35 [$35,0 ,000 00 – (S$100,000 x $0.33) – ($2,000 x 0.06 x 30/360)] Investment in Forward Contract Apr
1 9 9 0 1 9
30 Investment in Singapore Dollars (S$100,000 x $0.31)
3 1 0 0 0
Forward Contract Payable Forward Currency Transaction Losses [($35,000 – $1,990) – $31,000]
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30 Minutes, Medium Zonal Corporation and Iberia Company
P Zonal Corporation
a.
Journal Entries 20 05 Nov 19 Trade Accounts Receivable (£38,000 x $1.45) Sales
5 5 1 0 0 5 5 1
19 Cost of Goods Sold Inventories
4 0 0 0 0 4 0 0
30 Foreign Foreign Currenc Currency y Transa Transaction ction Losses[(£38,0 Losses[(£38,000 00 x ($1.45 – $1.44)] Trade Accounts Receivable Dec
3 8 0 3
19 Ca Cash (£38,000 x $1.43) Foreign Currency Transaction Losses [£38,000 x
5 4 3 4 0
($1.44 – $1.43)] Trade Accounts Receivable
3 8 0 5 4 7
Iberia Company
b.
Journal Entries 20 05 Jun 30 Notes Receivable (LCU7,500 000 x $0.014) Sales
1 0 5 0 0 0 1 0 5 0
30 Cost of Goods Sold
7 5 0 0 0
Inventories Aug
7 5 0
29 Cash (LCU7,650,000 x $0.016)
1 2 2 4 0 0
Notes Receivable Interest Revenue ($105,000 x 0.12 x 60/360)
Master your semester with Scribd Foreign Currency Transaction Gains [LCU7,650,000 x ($0.016 – $0.014)] & The New York Times Special offer for students: Only $4.99/month.
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30 Minutes, Medium Imex Company
P Imex Company Journal Entries
a.
20 05 Mar 6 Inventories (B100,000 x $0.007) Trade Accounts Payable
7 0 0 7
6 Investment in Forward Contract (B100,000 x $0.008) Forward Contract Payable
8 0 0 8
18 Inventories (C75,000 x $1.06)
7 9 5 0 0
Trade Accounts Payable
7 9 5
25 Trade Accounts Receivable (Sfr50,000 x $0.52)
2 6 0 0 0
Sales
2 6 0
25 Cost of Goods Sold Inventories Apr
1 5 0 0 0 1 5 0
4 Inventories (C150,000 x $1.07) Trade Accounts Payable
1 6 0 5 0 0 1 6 0 5
5 Investment in Bolivars (B100,000 x $0.007)
7 0 0
Forward Contract Payable Inventories
8 0 0 1 0 0
Cash Investment in Forward Contract
8 8
5 Trade Accounts Payable Investment in Bolivars
7 0 0 7
17 Tr Trade Accounts Payable
7 9 5 0 0
Cash (C75,000 x $1.05) Foreign Currency Transaction Gains
Master your 2semester with Scribd 4 Ca C ash (Sfr50,000 x $0.53) Trade Accounts Receivable & The New York Times Foreign Currency Transaction Gains Special offer for students: Only $4.99/month. b.
30 Trade Trade Accounts Accounts Payabl Payable e [$160,500 [$160,500 – (C150,00 (C150,000 0x
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30 Minutes, Medium Impo Corporation
P Impo Company Journal Entries
20 05 June 30 Machinery and Equipment (¥500,000 x $0.0084) Accounts Payable
4 2 0 0 4 2
30 Ca C ash (¥500,000 x $0.0084) Notes Payable
4 2 0 0
30 Accounts Payable
4 2 0 0
4 2
Cash July
4 2
31 Interest Expense ($4,200 x 0.12 x 30/360)
4 2
Interest Payable 31 Depreciation Expense ($4,200 x 1/5 x 1/12) Accumulated Depreciation of Machinery and
7 0
Equipment 31 Notes Payable [¥500,000 x ($0.0084 – $0.0082)]
1 0 0
Interest Payable [¥5,000 x ($0.0084 – $0.0082)] Foreign Currency Transaction Gains Aug
1 1
29 Notes Payable
4 1 0 0
Interest Payable Interest Expense
4 1 4 1
Foreig Foreign n Currenc Currency y Transa Transacti ction on Losses Losses Cash (¥510,000 x $0.0085)
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30 Minutes, Medium Allison Company
P Allison Company Adjusting Entries Sept. 30, 2005
Travel Expenses (¥100,000 x $0.00786) Foreign Currency Transaction Losses Forward Contracts To correct accounting for fo r forward contract that
7 8 6 1 5 8
matured Apr. Apr. 30, 2005. Inventories Forward Contracts
5 2 0 0 0 5 2 0
To correct accounting for fo r forward contract that matured Sept. 30, 2005
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