Question

Module Four Homework

ACC-690

Question 13

The following accounts are denominated in pesos as of December 31, 2015. For reporting purposes, these amounts need to be stated in U.S.dollars. For each balance, indicate the exchange rate that would be used if a transaction is made under the current rate method. Then, again for each account, prvide the exchange rate that would be neccessary if a remeasurement is being made using the temporal method. The company was started in 2000. The bulidings were acquired in 2002 and ther patents in 2003. (Round your answers to 2 decimal places.)

Exchange rates for 1 peso are as follows:

2000                  1 peso=$ 0.28

2002                           1=   0.26

2003                           1=   0.25

January 1, 2015         1=   0.24

April 1, 2015               1=   0.23

July 1, 2015                1=   0.22

October 1, 2015          1= 0.20

Decenber31, 2015      1= 0.16

Average for 2015        1=  0.19

                                                 Translation                                     Remeasurement

Accounts Payable

Accounts receivable

Accumulated depreciation

Advertising expense

Amorization expense (patents)

Bulidings

Cash

Common stock

Depreciation expense

Dividents(10/1/15)

Notes payable-due in 2018

patents(net)

Salary expense

Sales