Columbia Corporation Case Study

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Case 8-1 Columbia Corporation Prepared by For Professor C.E. Reese in partial fulfillment of the requirements for ACC508 – International Accounting School of Business/ Graduate Studies St. Thomas University Miami Gardens, Fla. Term A6/Fall, 2014 September 9, 2014 Table of Contents Issues……………………………..…………………………………………………………….….3 Facts…………………………….…………………………………………………………………4 Analysis……………………………………………………………………………………………6 Conclusions/Recommendations…………………………………………………….……………12 References/Bibliography…………………………………………………………………………13 Issues Case 8-1 Columbia Corporation 1. Translate Swoboda’s financial statements into U.S. dollars in accordance with U.S. GAAP at December 31, Year 2: a. Assuming the Polish zloty is the…show more content…
$ | | Beginning inventory(jan1, year1) | 3,000,000 | 0.215 | 645,000 | | Purchases(year 2) | 7,250,000 | 0.175 | 1,268,750 | | Ending inventory(4qt,year2) | (4,250,000) | 0.16 | (680,000) | | Cost of goods sold | 6,000,000 | | 1,233,750 | | | | | | | 1-2-. Equipment | | | PLN | USD/PLN | U.S. $ | | Old Equipment - at January 1, Year 1 | 10,000,000 | 0.25 | 2,500,000 | | New Equipment-acquired January 3, Year 2 | 2,500,000 | 0.18 | 450,000 | | Total | 12,500,000 | | 2,950,000 | | | | | | | Acc. Depreciation -Old Equipment | 4,000,000 | 0.25 | 1,000,000 | | Acc. Depreciation -New Equipment | 250,000 | 0.18 | 45,000 | | Total | 4,250,000 | | 1,045,000 | | | | | | | Depreciation Expense - Old Equip. | 1,000,000 | 0.25 | 250,000 | | Depreciation Expense - New Equip. | 250,000 | 0.18 | 45,000 | | Total | 1,250,000 | | 295,000 | | | | | | | 1.3-. Building | | | PLN | USD/PLN | U.S. $ | | Old Building - at January 1, Year 1 | 30,000,000 | 0.25 | 7,500,000 | | New Building-acquired March 5, Year 2 | 6,000,000 | 0.17 | 1,020,000 | | Total | 36,000,000 | | 8,520,000 | | | | | |…show more content…
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 0.150 150,000 Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . 1,650,000 0.150 247,500 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,250,000 0.150 637,500 Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,500,000 0.150 1,875,000 Less: Accumulated depreciation . . . . . . . . . . . . . . . . . . . (4,250,000) 0.150 (637,500) Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,000,000 0.150 5,400,000 Less: Accumulated depreciation . . . . . . . . . . . . . . . . . . (15,150,000) 0.150 (2,272,500) Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 0.150

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