Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a u.s. company owns an 80% interest in a company l

A U.S. company owns an 80% interest in a company located on Mars. Martian currency...

60.1K

Verified Solution

Question

Accounting

image
A U.S. company owns an 80% interest in a company located on Mars. Martian currency is called the Martian Credit. During the year the parent company sold inventory that had cost $24,900 to the subsidiary on account for $29,100 when the exchange rate was $0.5192. The subsidiary still held one-half of the inventory and had not paid the parent company for the purchase at the end of the fiscal period. The unsettled account is denominated in dollars. The exchange rate at the fiscal year-end was $0,4994. (c1) Assuming that the transaction had been denominated in 50,209 Martian Credits rather than dollars, compute the transaction gain or loss that would be reported by the parent company. (Round answers to 0 decimal ploces, es. 5,125.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A newspaper offers delivery for up to a 40 mile radius of their location If...

Geometry
Q

Break-Even Units: Units for Target Profit Jay-Zee Company makes an in-car navigation system. Next year, Jay-Zee plans...

Finance
Q

Explain what is meant by the thrifty gene hypothesis (also known as the Barker's hypothesis or...

Medical Sciences
Q

A linear transformation from R3-R4 with the V set of vectors x, where T(x)=0, is V...

Advance Math
Q

Suppose you have selected a random sample of ?=13 measurements from a normal distribution. Compare the...

Basic Math
Q

16 Concerning occurs during a attachment to host cells mediated by the HA spike b...

Biology
Q

The table below shows the crude and age adjusted rates for Mortality from Accidental Poisonings...

Biology
Q

12 An L R circuit is powered by a square tooth voltage having a peak...

Physics
Q

3 When measuring a nation s standard of living of the following the best measure...

Basic Math
Q

281 1301 586 2711 PCP where P is invertible and C is of the form...

Algebra
Q

XYZ Corp is presently formulating its cash budget for the year ending on March 31,2014....

Accounting
Q

Bruno, an individual, is the sole shareholder of Green Corporation. On January 1, 2018, Bruno...

Accounting