acme corporation a u s company located in sarasota florida h 553436

Acme Corporation (a U.S. company located in Sarasota, Florida) has the following import/export transactions in 2004:

March 1 Bought inventory costing 50,000 pesos on credit.

May 1 Sold 60 percent of the inventory for 45,000 pesos on credit

August 1 Collected 40,000 pesos from customers.

September 1 Paid 30,000 pesos to creditors.

Currency exchange rates for 1 peso for 2004 are as follows:

March 1 …………….$0.17

May 1 …………………0.18

August 1 ………………0.19

September 1 ………….0.20

December 31 …………0.21

For each of the following accounts, what will Acme report on its 2004 financial statements?

a. Inventory

b. Cost of Goods Sold: March 1

c. Sales: May 1

d. Accounts Receivable

e. Accounts Payable

f. Cash