Find Jobs
Hire Freelancers

Need help with accounting for foreign currency translation

$10-30 USD

Chiuso
Pubblicato più di 3 anni fa

$10-30 USD

Pagato al completamento
Foreign Currency Translation (British Pounds) On January 1, 20X8, Pace Company acquired all of the outstanding stock of Spin PLC, a British company, for $350,000. Spin's net assets on the date of acquisition were 250,000 pounds (£). On January 1, 20X8, the book and fair values of the Spin's identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and trademarks. The fair value of Spin's property, plant, and equipment exceeded its book value by $25,000. The remaining useful life of Spin's equipment at January 1, 20X8, was 10 years. The remainder of the differential was attributable to a trademark having an estimated useful life of 5 years. Spin's trial balance on December 31, 20X8, in pounds, follows: Debits Credits Cash £ 70,000 Accounts Receivable (net) 100,000 Inventory 120,000 Property, Plant, and Equipment 330,000 Accumulated Depreciation £ 120,000 Accounts Payable 110,000 Notes Payable 90,000 Common Stock 100,000 Retained Earnings 150,000 Sales 420,000 Cost of Goods Sold 270,000 Operating Expenses 60,000 Depreciation Expense 30,000 Dividends Paid 10,000 Total £ 990,000 £ 990,000 Additional Information: Spin uses the FIFO method for its inventory. The beginning inventory was acquired on December 31, 20X7, and ending inventory was acquired on December 26, 20X8. Purchases of £300,000 were made evenly throughout 20X8. Spin acquired all of its property, plant, and equipment on March 1, 20X6, and uses straight-line depreciation. Spin's sales were made evenly throughout 20X8, and its operating expenses were incurred evenly throughout 20X8. The dividends were declared and paid on November 1, 20X8. Pace's income from its own operations was $150,000 for 20X8, and its total stockholders' equity on January 1, 20X8, was $1,000,000. Pace declared $50,000 of dividends during 20X8. Exchange rates were as follows: March 1, 20X6 1£ = $ 1.20 December 31, 20X7 1£ = $ 1.25 January 1, 20X8 1£ = $ 1.25 November 1, 20X8 1£ = $ 1.26 December 26, 20X8 1£ = $ 1.31 December 31, 20X8 1£ = $ 1.35 Average for 20X8 1£ = $ 1.30 Required: Prepare a schedule translating the trial balance from British pounds into U.S. dollars. Assume the pound is the functional currency. Assume that Pace uses the fully adjusted equity method. Record all journal entries that relate to its investment in the British subsidiary during 20X8. Provide the necessary documentation and support for the amounts in the journal entries, including a schedule of the translation adjustment related to the differential. Prepare a schedule that determines Pace's consolidated comprehensive income for 20X8. Prepare and submit only one Excel spreadsheet answering all of the requirements. Use Excel formulas to make or evidence each of your calculations of each/any dollar amounts. Do not enter any dollar amounts, directly, for the answers to the requirements unless it is unavoidable for obvious reasons. Use the tab function at the bottom of the Excel file where required to answer each of the requirements. Requirements: Show calculations Use terms, evidence, and concepts from class readings, including professional business language.
Rif. progetto: 27536892

Info sul progetto

14 proposte
Progetto a distanza
Attivo 3 anni fa

Hai voglia di guadagnare un po'?

I vantaggi delle offerte su Freelancer

Imposta il tuo budget e le scadenze
Fatti pagare per il lavoro svolto
Delinea la tua proposta
La registrazione e le offerte sui lavori sono gratuite
14 freelance hanno fatto un'offerta media di $750 USD
Avatar dell'utente
Hello there, We can deliver fire quick. Experienced native individual full-time translator and proofreader gladly at your service! I can provide you with a high level of professional translation. I’ve worked in this area for about 7 years now so I can assure you that I will provide you with accurate translation. All the translation are done with professional quality. I have a passion for languages and take pride in offering a high level of service. I will gladly translate your documents, essays, emails, etc. I will provide • FAST • ACCURATE • MANUAL TRANSLATION • UNLIMITED REVISIONS. I can assure you an accuracy of 100%. I always proofread the final translations to ensure the quality not only meets but exceeds your expectations."
$20 USD in 7 giorni
4,9 (124 valutazioni)
6,5
6,5
Avatar dell'utente
Hello , Global Translators are ready to help you. We are dependable and provide high-quality work on a budget Translations are done manually and we always proofread before delivery. We also make sure that your documents are 100% confidential. Please feel free to contact me as soon as possible and I will be happy to assist you in any tasks I can! Regards Global Translations
$20 USD in 1 giorno
4,9 (117 valutazioni)
6,1
6,1
Avatar dell'utente
Need help with accounting for foreign currency translation I have more than 7 years of writing experience, I am a master in writing. I can deliver your work according to your requirements, given deadline, and 0% of plagiarism. I have served more than 4000 clients in the past 7 years with 100% satisfaction. I assure you, I will provide you a masterpiece and you will like it for sure. Please visit my profile; https://freelancer.com/u/SupremeWriters Thank you
$20 USD in 1 giorno
4,8 (98 valutazioni)
6,2
6,2
Avatar dell'utente
H there, It seems like you need help with the accounting questions relating to foreign currency translation using fully adjusted equity method. I can do this for you as I am a qualified accountant and experienced auditor. I will need this question in Microsoft word as it is not clear here. I am looking forward to working on it. Thanks and regards:
$195 USD in 3 giorni
5,0 (7 valutazioni)
5,0
5,0
Avatar dell'utente
I am a professional accountant with an expertise in financial modeling. Further, I am also advance Ms Excel user with a qualification in Association of Certified Chartered Accountant (ACCA). Therefore, I can aptly undertake your work. For more details, contact me.
$20 USD in 7 giorni
4,7 (98 valutazioni)
5,1
5,1
Avatar dell'utente
Hi Dear Employer, I have understand detail of your project, I have relevant experience, which you need a professional Accountant for accounting task. I am a professional accounts and finance manager with a professional team of CA, ACCA (UK), ACMA, CAT-Certified Accounting Technician (UK) and MBA-Finance, more than 14 years’ experience:  Skills and Task completed: Financial reporting/analysis, Ratios, periodically analyzing, Taxation, management accounting, Budgeting/Forecasting/projections. Capital Budgeting (NPV, IRR, Payback Period, WACC (Weighted Average Cost of Capital), Accounts Managements, Corporate Finance, Accounts/Bank reconciliations, Receivable/Payables,  Accounting Software’s book keeping: ERP, Oracle, Quick Book Xero and sage 50,  Other: Writing Business plan, critical essays, all management subjects  Presentation skills: Excel, Word and presentation of PowerPoints, Waiting your positive response Kind Regards, Habib Ur Rahman
$40 USD in 3 giorni
4,8 (16 valutazioni)
4,5
4,5
Avatar dell'utente
****Chartered Accountant Finalist with strong grip over US Accounting**** Hello! I can assist you with these problems. I am professional accountant. I will provide you 100% accuracy and quality work. Lets have chat to discuss it further. About Myself: I am Chartered Accountant Finalist. I also have bachelor degree in accounting and finance. I have over 5 years of professional knowledge and experience in the field of of Accounting & Finance as per Accounting Standards i.e. IFRS & GAAP. I am working with a leading accountancy firm as a bookkeeper and accountant . Currently, I am serving my clients with the following areas of expertise: 1️⃣ Accounting and Bookkeeping ? 2️⃣ Bank Reconciliation, Setting New Company accounts & Managing Chart of Accounts 3️⃣ QuickBooks Online, Xero, Wave accounting & Excel-based accounting modules 4️⃣ Tracking Expenses, Entering purchase and sales invoices and maintaining Payroll System 5️⃣ Financial Budgeting, Accounts payable and Accounts receivable management 6️⃣ Income Statement, Balance Sheet, Cash Flow Statement and Financial Reporting Feel free to contact and discuss your further requirements. Looking forward to hear from you soon. Thank You Best Regards
$30 USD in 2 giorni
5,0 (4 valutazioni)
3,7
3,7
Avatar dell'utente
Hello, I am expert in Accounting. I have done the same type of work. Please have a look. https://www.freelancer.com/projects/accounting/Accounting-Project-26739746/reviews Looking forward to hearing from you. Regards; Younus
$50 USD in 2 giorni
5,0 (8 valutazioni)
3,2
3,2
Avatar dell'utente
Hi there !! “Welcome to our translation company , WTL (World Translation LTD).” Hope you are doing well . WTL is a global translation company where we can translate 100+ languages .We`ve a large number of translators who give their services 24\7. So we can translate your project we`ve experienced professional translators who can make your entire document cohesive and polish it , so it reads as though , it was written by a native speaker. No GOOGLE OR MACHINE translation . we can provide you error free translation . we always double proofread the document before the delivery to ensure that it`s 100% correct , accurate and natural. clients satisfaction is our first priority . we`ll never let you down . Feel free to contact us . we`ll give you a flexible price . Best regards.
$20 USD in 1 giorno
5,0 (3 valutazioni)
2,2
2,2
Avatar dell'utente
i can solve your problem i have rich experience of that field so inbox me.............................................
$20 USD in 1 giorno
0,0 (0 valutazioni)
0,0
0,0
Avatar dell'utente
Hello! I'm a Chartered Accountancy student and have solved several questions related to accounting for foreign currency translation for subsidiary and branch offices and can help you with this question. I'll need the question (trial balance) in a word or excel format and can easily help you with the question. Kindly drop a message to discuss the project requirements in detail. Looking forward to a long term collaboration!
$30 USD in 2 giorni
0,0 (0 valutazioni)
0,0
0,0
Avatar dell'utente
Good day Kindly consider me for the above project. I am an ACCA certified Accountant with over seven years’ experience in Bookkeeping, Accounting, Tax, payroll. I have vast experience in the most common Accounting software packages including Xero, Quickbooks and Sage right from set up to general ledger reconciliations. I am a very capable professional with proficiency in Microsoft Office, including Advanced Excel and very fluent in the English language. My working hours are very flexible such that I can accommodate any working shift. I am very industrious.. I look forward to your response. Kind regards Liberty
$20 USD in 7 giorni
0,0 (0 valutazioni)
0,0
0,0
Avatar dell'utente
$10.000 USD in 7 giorni
0,0 (0 valutazioni)
0,0
0,0
Avatar dell'utente
WELLCOME SIR, I am CAF(chartered accounting And finance) under ICAP. I have read all information given you in the above . I have 3 year experience to solve your problem IAS 21 — The Effects of Changes in Foreign Exchange Rates is used so give me a chance .if any question in your mind don't hesitate to contact me .
$19 USD in 1 giorno
0,0 (0 valutazioni)
0,0
0,0

Info sul cliente

Bandiera: UNITED STATES
BRANDON, United States
5,0
1
Metodo di pagamento verificato
Membro dal gen 2, 2020

Verifica del cliente

Grazie! Ti abbiamo inviato tramite email il link per richiedere il tuo bonus gratuito.
Non è stato possibile inviarti l'email. Riprova per piacere.
di utenti registrati di lavori pubblicati
Freelancer ® is a registered Trademark of Freelancer Technology Pty Limited (ACN 142 189 759)
Copyright © 2024 Freelancer Technology Pty Limited (ACN 142 189 759)
Caricamento anteprima
Autorizzazione per la geolocalizzazione concessa.
La tua sessione è scaduta ed è stato effettuato il log out. Accedi nuovamente per piacere.