Decelliu January 28, 2016 and paymen following impon Prepare all journal entries

Question

Decelliu January 28, 2016 and paymen following impon Prepare all journal entries for Dresden Company in connection with the purch 27. Acme Corporation (a U.S. company located in Sarasota, Florida) has the fol export transactions in 2015: March 1 May 1 August 1 September 1 Bought inventory costing 50,000 pesos on credit, Sold 60 percent of the inventory for 45,000 pes Collected 40,000 pesos from customers. Paid 30,000 pesos to creditors. Currency exchange rates for 1 peso for 2015 are as follows: March 1 May 1 August 1 September1 December 31 $0.17 0.18 0.19 0.20 0.21 For each of the following accounts, how much will Acme report on its 2015 financial statement a. Inventory b. Cost of Goods Sold c. Sales d. Accounts Receivable. e. Accounts Payable. f Cash.

Explanation / Answer

Working:

Acme will report the following balances in 2015 financinal statements Inventory 4200 Cost of goods sold 5100 Sales 8100 Accounts Receivable 1050 Accounts Payable 6300 Cash 4200

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