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Advanced Accounting 4th Edition By Jeter – Test Bank
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Advanced Accounting 4th Edition By Jeter – Test Bank

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Edition: 4th Edition

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Advanced Accounting 4th Edition By Jeter – Test Bank

ANSWERS TO EXERCISES
Exercise 13-1

Cash
Accounts receivable
Inventory carried at cost
Inventory carried at market
Prepaid rent
Property, plant, and equipment
Goodwill
Accounts payable
Bonds payable
Unamortized premium on bonds payable
Preferred stock carried at issuance price
Common stock
Sales
Cost of goods sold
Depreciation expense
Exercise 13-2
1. c 2. b 3. d 4. d 5. c
Exercise 13-3
1. a 2. c 3. c 4. b 5. b

Exercise 13-4 Swiss Translation
Francs Rate $
Part A Consolidated Income and Retained Earnings Statement
Revenues 75,000 $.5654 42,405
Operating Expenses (30,000) .5654 (16,962)
Net Income 45,000 25,443
Retained Earnings – 1/1 10,000 .5987 5,987
55,000 31,430
Dividends (15,000) .5810 (8,715)
Retained Earnings – 12/31 40,000 22,715
Balance Sheet

Cash and Receivables 55,000 .5321 29,266
Net Property, Plant, and Equipment 37,000 .5321 19,688
Total 92,000 48,954

Accounts and Notes Payable 32,000 .5321 17,027
Common Stock 20,000 .5987 11,974
Retained Earnings 40,000 22,715
92,000 51,716
Cumulative Translation Adjustment (debit) — Balancing amt. (2,762)

Total 92,000 48,954

Swiss Translation
Francs Rate $
Part B Exposed net asset position – 1/1 30,000$.5987 17,961
Adjustment for changes in the net asset position during the year:
Net income 45,000 .5654 25,443
Dividends (15,000).5810 (8,715)
Net asset position translated using rate in effect at date of transactions — 34,689
Exposed net asset position – 12/31 60,000 .5321 31,927
Cumulative translation adjustment (debit) (2,762)

13 – 4

Exercise 13-5 Swiss Translation
Francs Rate $
Part A Balance Sheet

Cash and Receivables 55,000 $.5321 29,266
Net Property, Plant, and Equipment 37,000 .5987 22,152
Total 92,000 51,418

Accounts and Notes Payable 32,000 .5321 17,027
Common Stock 20,000 .5987 11,974
Retained Earnings 40,000 Balancing amt. 22,417
Total 92,000 51,418
Consolidated Income Statement and Retained Earnings Statement

Revenue 75,000 .5654 42,405
Operating Expenses: depreciation (3,000) .5987 (1,796)
other (27,000) .5654 (15,266)
Translation Loss — Balancing amt. (198)

Net Income 45,000 25,145
Retained Earnings – 1/1 10,000 .5987 5,987
55,000 31,132
Dividends (15,000) .5810 (8,715)
Retained Earnings – 12/31 40,000 22,417

Swiss Translation
Francs Rate $
Part B Net monetary liability position – 1/1 ($20,000 – $30,000) (10,000)$.5987 (5,987)
Adjustment for changes in net monetary position during the year:
Add: Increase in cash and receivables from sales 75,000 .5654 42,405
Less: Decrease in net asset position:
Other operating expenses (27,000) .5654 (15,266)
Dividends (15,000) .5810 (8,715)

Net asset position translated using rate in effect at date of transaction — 12,437
Net monetary asset position-12/31 ($32,000 – $55,000) 23,000 .5321 12,238
Translation gain (loss) (199)

Exercise 13-6 Part A Part B
Swiss Translation Brazilian Translation
Franc Rate Real Rate $
Consolidated Income and Retained Earnings Statement
Revenues 75,000 1.3445 100,838 $.4751 47,908
Operating Expenses
Depreciation (3,000) 1.3940 (4,182) .4751 (1,987)
Other (27,000) 1.3445 (36,302) .4751 (17,247)
Translation Loss — Balancing amount (2,271) .4751 (1,079)

Net Income 45,000 58,083 27,595
Retained Earnings – 1/1 10,000 1.3940 13,940 .4891 6,818
55,000 72,023 34,413
Dividends (15,000) 1.2438 (18,657) .4740 (8,843)

Retained Earnings – 12/31 40,000 53,366 25,570
Balance Sheet

Cash and Receivables 55,000 1.2899 70,945 .4630 32,847
Net Property, Plant, and Equipment 37,000 1.3940 51,578 .4630 23,880
Total 92,000 122,523 56,727

Accounts and Notes Payable 32,000 1.2899 41,277 .4630 19,111
Common Stock 20,000 1.3940 27,880 .4891 13,636
Retained Earnings 40,000Balancing amount 53,366 25,570

92,000 122,523 58,317
Translation Adjustment (loss) — — (1,590)

Total 92,000 122,523 56,727

Exercise 13-7 Adjusted Translation Adjusted
Trial Balance (£) Rate Trial Balance ($)
Consolidated Income and Retained Earnings Statement
Sales 2,900,000 $1.4788 4,288,520
Cost of Goods Sold 1,400,000 1.4788 2,070,320
Depreciation Expense 300,000 1.4788 443,640
Other Expenses 400,000 1.4788 591,520
Net Income 800,000 1,183,040
Beginning Retained Earnings 900,000 Given 1,593,408
1,700,000 2,776,448
Less: Dividends 325,000 1.4730 478,725
Ending Retained Earnings 1,375,000 2,297,723
Balance Sheet

Cash and Receivables 1,275,000 1.4730 1,878,075
Merchandise Inventory 490,000 1.4730 721,770
Property, Plant, and Equipment 3,450,000 1.4730 5,081,850
5,215,000 7,681,695

Current Liabilities 640,000 1.4730 942,720
Long-term Notes Payable 1,200,000 1.4730 1,767,600
Capital Stock 2,000,000 1.8365 3,673,000
Retained Earnings 1,375,000 2,297,723
Cumulative Translation Adjustment — Balancing amount (999,348)

Total 5,215,000 7,681,695

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