Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following import/export transactions...
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Accounting
Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following import/export transactions denominated in Mexican pesos in 2017:
| March 1 | Bought inventory costing 100,000 pesos on credit. |
| May 1 | Sold 60 percent of the inventory for 80,000 pesos on credit. |
| August 1 | Collected 70,000 pesos from customers. |
| September 1 | Paid 60,000 pesos to suppliers. |
Currency exchange rates for 1 peso for 2017 are as follows:
| March 1 | $0.10 |
| May 1 | 0.12 |
| August 1 | 0.13 |
| September 1 | 0.14 |
| December 31 | 0.15 |
For each of the following accounts, how much will Voltac report on its 2017 financial statements?
a.Inventory.
b.Cost of Goods Sold.
c.Sales.
d.Accounts Receivable.
e.Accounts Payable.
f.Cash.
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