国际会计课后作业二附答案Word格式.docx

国际会计课后作业二附答案Word格式.docx

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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 

￡81050÷

0.6169

2.OnDec.31,2008. 

StatementDate

Dr.ForeignExchangeLoss 

$405.9

Cr.AccountsPayable 

（0.6150-0.6169）

3.OnJan.31,2009.SettlementDate

（1）Dr.AccountsPayable 

$192.58

Cr.ForeignExchangeGain 

（0.6159-0.6150）

（2）Dr.AccountsPayable 

$131596.04

Cash 

2.AssumethataU.S.firmimports（exports）equipmentfromGermanyonMarch1for€200,000whentheexchangerateis$1.3112pereuro.PaymentineurodoesnothavetobemadeuntilApril30.AssumethatonMarch31,theexchangerateis$1.3500pereuroandonApril30is$1.3300.

（1）Givethejournalentriesunderthetwo-transactionperspectivetotheU.S.firm.

（2）Givethejournalentriesunderthesingle-transactionperspectivetotheU.S.firm.

Underthesingle-transactionperspective

a.Whenthefirmasanimporter.

1.OnMarch1.TransactionDate

Equipment 

$262,240

￡200,000x1.3112

2.OnMarch31.StatementDate

Dr.Equipment 

$7,760

￡200,000x（1.3500-1.3112）

3.OnApril31.SettlementDate

$4,000

Cr.Equipment 

￡200,000x（1.3300-1.3500）

$266,000

Underthetwo-transactionperspective

a.Whenthefirmasanexporter.

AccountsReceivable$262,240

Sales 

Dr.AccountsReceivable 

（1）Dr.Sales 

Cr.AccountsReceivable 

（2）Dr.Cash 

（1）Dr.ForeignExchangeLoss$4,000

3.OnJanuary1,assumethataU.S.firmborrows5millionSwissfrancs（CHF）forthreeyearsat6percentinterestpaidsemiannuallyinSwissfrancs.Theprincipaldoesnothavetoberepaiduntiltheendofloan.Assumealsothattheloanisadjustedforanyexchangeratechangeeverysixmonths.Assumethefollowingexchangeratesforthefirstyear:

January1 

$0.8000

June 

30 

$0.7900

December31 

$0.8800

Theaverageexchangerateforthefirstsixmonthswas 

$.7960andforthenextsixmonthswas 

$.8500.

Pleasepreparethejournalentriesforthefirstyear.

OnJanuary1

Cash 

$4,000,000

Loanpayble 

CHF5,000,000x0.80000

OnJune30

（1）LoanPayable 

$50,000

ForeignExchangeGain 

CHF5,000,000x（0.80000-0.7900）

（2）InterestExpense 

$119,400

$900

$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 

CHF5,000,000x（0.8800-0.7900）

$127,500

ForeignExchangeLoss 

$4,500

$132,000

CHF5,000,000x.（0.06/2）x0.8500.=CHF150,000x0.8500=$127,500

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.

UsethecurrentratemethodandtemporalmethodtotranslatethebalancesheetandincomestatementwhichexpressedatFCintoChineseRMByuan.