Chapter 17

Topics: Balance sheet, Generally Accepted Accounting Principles, Liability Pages: 4 (627 words) Published: February 5, 2015
CHAPTER 17
SUGGESTED ANSWERS

Exercise 17 - 1

Jan.
5
Purchases
1,789,200

Accounts Payable

1,789,200

70,000 x P25.56

Mar.
9
Purchases
16,780

Accounts Payable

16,780

100,000 x P.1678

May
10
Accounts Payable
1,789,200

Foreign Exchange Gain or Loss
2,800

Cash

1,792,000

70,000 x P25.60 = P1,792,000

16
Accounts Payable
16,780

Foreign Exchange Gain or Loss

1,280

Cash

15,500

100,000 x P.1550

Exercise 17 -2

Mar.
14
Merchandise Inventory
1,057,000

Accounts Payable

1,057,000

20,000 x P52.85

Apr.
10
Merchandise Inventory
45,822

Accounts Payable

45,882

60,000 x P.7637

14
Accounts Payable
1,057,000

Foreign Exchange Gain or Loss

2,000

Cash

1,055,000

20,000 x P52.75

May
10
Accounts Payable
45,822

Foreign Exchange Gain or Loss
2,928

Cash

48,750

60,000 x P.8125

Exercise 17 - 3

May
22
Accounts Receivable
54,085

Sales

54,085

10,000 x P5.4085

31
Accounts Receivable
8,516

Sales

8,516

40,000 x P.2129

June
22
Cash
55,015

Foreign Exchange Gain or Loss

930

Accounts Receivable

54,085

10,000 x P5.5015 = P55,015

30
Cash
8,540

Foreign Exchange Gain or Loss

24

Accounts Receivable

8,516

Exercise 17 -4

Jack Company
Income Statement
For the Year Ended December 31, 2006

Italian
Translation
Philippine

Lira
Rate
Peso
Sales
300,000
.51168
153,504
Cost of goods sold
200,000
.51168
102,336...
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