国际会计课后作业二附答案.docx
《国际会计课后作业二附答案.docx》由会员分享，可在线阅读，更多相关《国际会计课后作业二附答案.docx（8页珍藏版）》请在冰点文库上搜索。
国际会计课后作业二附答案
Exercises:
ForeignCurrencyAccounting
姓名：
班级：
学号：
成绩：
A.Answerthequestionsbelow
1.Fluctuatingexchangeratescauseseveralmajorissuesinaccountingforforeigncurrencytranslation,whatarethey?
（ortheprimaryproblemaboutforeigncurrencytranslationare?
）
TheAnswer:
（1）Whichexchangerateshouldbeusedtotranslateforeigncurrencybalancestodomesticcurrency?
（2）Whichforeigncurrencyassetsandliabilitiesareexposedtoexchangeratechanges?
（3）Howshouldtranslationgainsandlossesbeaccountedfor?
B.ExplaintotheConcepts
directquote
Theexchangeratespecifiesthenumberofdomesticcurrencyunitsneededtoacquireaunitofforeigncurrency.
indirectquote
Theexchangeratespecifiesthepriceofaunitofthedomesticcurrencyintermsoftheforeigncurrency.
currentrate
Theexchangerateineffectattherelevant financialstatementdate.
functionalcurrency
Theprimarycurrencyinwhichanentitydoesbusinessandgeneratesandspendscash.Itisusuallythecurrencyofthecountrywheretheentityislocatedandthecurrencyinwhichthebooksofrecordaremaintained
historicalrate
Theforeignexchangeratethatprevailedwhenaforeigncurrencyassetorliabilitywasfirstacquiredorincurred.
monetaryitems
Obligationstopayorrightstoreceiveafixednumberofcurrencyunitsinthefuture.
settlementdate
Thedateonwhichapayableispaidorareceivableiscollected.
C.DrillsofBusinessTransaction
1.XYZisaU.S.company,itsforeignexchangebusinessasbelow：
OnDec.1,2008,XYZcompanypurchasesaquantityofmerchandise,onthatdaytheexchangerateisUK￡0.6169=US＄1.AssumethetransactioncostsisUK￡81050，paymentperiod is60days.
Assumethefollowingexchangerates:
December31,2008 UK￡0.6150=US＄1
January31,2009 UK￡0.6159=US＄1
Required：
PrepareddoubleentriesunderTwo-transactionPerspectivewhentransaction,statementandtransactionsettlementdate.
1.OnDec.1,2008.TransactionDate
Dr. MerchandiseInventory $131382.72
Cr. AccountsPayable $131382.72
￡81050÷0.6169
2.OnDec.31,2008. StatementDate
Dr.ForeignExchangeLoss $405.9
Cr.AccountsPayable $405.9
￡81050÷（0.6150-0.6169）
3.OnJan.31,2009.SettlementDate
（1）Dr.AccountsPayable $192.58
Cr.ForeignExchangeGain $192.58
￡81050÷（0.6159-0.6150）
（2）Dr.AccountsPayable $131596.04
Cr. Cash $131596.04
2.AssumethataU.S.firmimports（exports）equipmentfromGermanyonMarch1for€200,000whentheexchangerateis$1.3112pereuro.PaymentineurodoesnothavetobemadeuntilApril30.AssumethatonMarch31,theexchangerateis$1.3500pereuroandonApril30is$1.3300.
Required：
（1）Givethejournalentriesunderthetwo-transactionperspectivetotheU.S.firm.
（2）Givethejournalentriesunderthesingle-transactionperspectivetotheU.S.firm.
Underthesingle-transactionperspective
a.Whenthefirmasanimporter.
1.OnMarch1.TransactionDate
Dr. Equipment $262,240
Cr. AccountsPayable $262,240
￡200,000x1.3112
2.OnMarch31.StatementDate
Dr.Equipment $7,760
Cr.AccountsPayable $7,760
￡200,000x（1.3500-1.3112）
3.OnApril31.SettlementDate
（1）Dr.AccountsPayable $4,000
Cr.Equipment $4,000
￡200,000x（1.3300-1.3500）
（2）Dr.AccountsPayable $266,000
Cr. Cash $266,000
Underthetwo-transactionperspective
a.Whenthefirmasanimporter.
1.OnMarch1.TransactionDate
Dr. Equipment $262,240
Cr. AccountsPayable $262,240
￡200,000x1.3112
2.OnMarch31.StatementDate
Dr.ForeignExchangeLoss $7,760
Cr.AccountsPayable $7,760
￡200,000x（1.3500-1.3112）
3.OnApril31.SettlementDate
（1）Dr.AccountsPayable $4,000
Cr.ForeignExchangeGain $4,000
￡200,000x（1.3300-1.3500）
（2）Dr.AccountsPayable $266,000
Cr. Cash $266,000
Underthesingle-transactionperspective
a.Whenthefirmasanexporter.
1.OnMarch1.TransactionDate
Dr. AccountsReceivable$262,240
Cr. Sales $262,240
￡200,000x1.3112
2.OnMarch31.StatementDate
Dr.AccountsReceivable $7,760
Cr. Sales $7,760
￡200,000x（1.3500-1.3112）
3.OnApril31.SettlementDate
（1）Dr.Sales $4,000
Cr.AccountsReceivable $4,000
￡200,000x（1.3300-1.3500）
（2）Dr.Cash $266,000
Cr.AccountsReceivable $266,000
Underthetwo-transactionperspective
a.Whenthefirmasanexporter.
1.OnMarch1.TransactionDate
Dr. AccountsReceivable$262,240
Cr. Sales $262,240
￡200,000x1.3112
2.OnMarch31.StatementDate
Dr.AccountsReceivable $7,760
Cr.ForeignExchangeGain $7,760
￡200,000x（1.3500-1.3112）
3.OnApril31.SettlementDate
（1）Dr.ForeignExchangeLoss$4,000
Cr.AccountsReceivable $4,000
￡200,000x（1.3300-1.3500）
（2）Dr.Cash $266,000
Cr.AccountsReceivable $266,000
3.OnJanuary1,assumethataU.S.firmborrows5millionSwissfrancs（CHF）forthreeyearsat6percentinterestpaidsemiannuallyinSwissfrancs.Theprincipaldoesnothavetoberepaiduntiltheendofloan.Assumealsothattheloanisadjustedforanyexchangeratechangeeverysixmonths.Assumethefollowingexchangeratesforthefirstyear:
January1 $0.8000
June 30 $0.7900
December31 $0.8800
Theaverageexchangerateforthefirstsixmonthswas $.7960andforthenextsixmonthswas $.8500.
Required：
Pleasepreparethejournalentriesforthefirstyear.
OnJanuary1
Cash $4,000,000
Loanpayble $4,000,000
CHF5,000,000x0.80000
OnJune30
（1）LoanPayable $50,000
ForeignExchangeGain $50,000
CHF5,000,000x（0.80000-0.7900）
（2）InterestExpense $119,400
ForeignExchangeGain $900
Cash $118,500
InterestExpense:
CHF5,000,000x.（0.06/2）x0.7960=CHF150,000x..7960=$119,400
InterestPaid:
CHF5,000,000x.（0.06/2）x0.7900=CHF150,000x..7900=$118,500
OnDecember31
（1）ForeignExchangeGain $450,000
LoanPayable $450,000
CHF5,000,000x（0.8800-0.7900）
（2）InterestExpense $127,500
ForeignExchangeLoss $4,500
Cash $132,000
InterestExpense:
CHF5,000,000x.（0.06/2）x0.8500.=CHF150,000x0.8500=$127,500
InterestPaid:
CHF5,000,000x.（0.06/2）x0.8800=CHF150,000x..8800=$132,000
4.SupposeXcompanyisasubsidiaryofaChinesecompanylocatedinanothercountry. TheFCisfunctionalcurrency.Thebalancesheet, incomestatementandrelatedexchangeratelistedbelow:
Required:
Usethecurrentandtemporalmethod totranslatethebalancesheetandincomestatementwhichexpressedatFCintoChineseRMByuan.
FinancialStatementsofXSubsidiaryCompany
BalanceSheet 12/31/2007 12/31/2008
CashFC500
Accountreceivable1500
Inventories（market）10003000
Fixedassets8000
Accumulated depreciation（1000）Long-termnotesreceivable3000
TotalassetsFC15000
AccountpayableFC2000
Short-termdebt 1000
Long-termliabilities3000
Stockcapital8000
Retainedearnings 1000
Totalliabilitiesandowner’sequityFC15000
Income Statement Yearended12/31/2008
Sales FC 20000
Costofsales FC 12000
Depreciation 1000
Administrativeexpenses3000
Incomebefore tax FC 4000
Incometax1500
NetincomeFC 2500
Retainedearnings（31／12／2007） 3500
TotalFC6000
Dividenddistribution 3000
Retainedearnings（31／12／2008） FC3000
SupposeExchangeratesandrelateddataforcalendar2008wereasfollows
1）December31,2008 FC1RMB￥0.50
2）Averageduring2008 FC1RMB￥0.44
3）Averageduring4thquarter,2008 FC1RMB￥0.42
4）Onstockofferingdate FC1RMB￥0.45
5）Ondividend distributiondate FC1RMB￥0.46
6）Onthedateacquisitionoffixedassets FC1RMB￥0.43
7）Onthedatelong-termnotesreceivableoccurredFC1RMB￥0.44
8）Onthedatelong-termdebtoccurred FC1RMB￥0.48
9）December31,2007inventorycostFC1000，FC1RMB￥0.40（C）FC1RMB￥0.41（H）
10）retainedearningsonDecember31,2007is RMB￥1400（undercurrentmethod）
11）retainedearningsonDecember31,2007is RMB￥1500（undertemporalmethod）
12）Supposepurchasescostofinventoryin2008isFC14000.
Required:
UsethecurrentratemethodandtemporalmethodtotranslatethebalancesheetandincomestatementwhichexpressedatFCintoChineseRMByuan.
升级会员 