Business, 26.02.2020 00:11 mayamcmillan11
On September 30, 2013, Ericson Company negotiated a two-year, 1,000,000 dudek loan from a foreign bank at an
interest rate of 2 percent per year. It makes interest payments annually on September 30 and will repay the principal on
September 30,2015. Ericson prepares U. S.-dollar nancial statements and has a December 31 year-end.
a. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek:
September 30, 2013 $0,100
December 31,2013 0.105
September 30, 2014 0.120
December 31, 2014 0.125
September 30,2015 0.150
b. Determine the effective cost of borrowing in dollars in each of the three years 2013, 2014, and 2015.
Answers: 1
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Which of the following best describes vertical integration? a. produce goods or services previously purchasedb. develop the ability to produce products that complement the original productc. develop the ability to produce the specified good more efficiently than befored. build long term partnerships with a few supplierse. sell products to a supplier or a distributor
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Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $360,000; cash paid for rent, $44,000; cash paid to employees for services rendered during the year, $124,000; cash paid for utilities, $54,000.in addition, you determine that customers owed the company $64,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,400 at year-end, and the rent payment was for a two-year period.calculate accrual net income for the year.
Answers: 2
On September 30, 2013, Ericson Company negotiated a two-year, 1,000,000 dudek loan from a foreign ba...
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