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Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Edition 10ISBN: 978-1260575910Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Edition 10ISBN: 978-1260575910 Exercise 51
Problems 8 and 9 are based on the following information.
A subsidiary of Salisbury, Inc., is located in a foreign country whose functional currency is the schweikart (SWK).The subsidiary acquires inventory on credit on November 1, 2010, for SWK 100,000 that is sold on January 17, 2011, for SWK 130,000.The subsidiary pays for the inventory on January 31, 2011.Currency exchange rates for 1 SWK are as follows:
What amount does Salisbury's consolidated income statement report for cost of goods sold for the year ending December 31, 2011
a.$16,000.
b.$17,000.
c.$18,000.
d.$19,000.
A subsidiary of Salisbury, Inc., is located in a foreign country whose functional currency is the schweikart (SWK).The subsidiary acquires inventory on credit on November 1, 2010, for SWK 100,000 that is sold on January 17, 2011, for SWK 130,000.The subsidiary pays for the inventory on January 31, 2011.Currency exchange rates for 1 SWK are as follows:
What amount does Salisbury's consolidated income statement report for cost of goods sold for the year ending December 31, 2011
a.$16,000.
b.$17,000.
c.$18,000.
d.$19,000.
Explanation
Verified
Verified
Consolidated income statement:
The cons...
Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
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