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Question: on january 1 20x1 popular creek corporation organized suntime company...

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On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 66,000. SunTimes December 31, 20X1, trial balance in SFr is as follows: Debit Credit Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant & Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stoclk Sales Cost of Goods Sol Depreciation Expense Operating Expense Dividends Paid SFr 7, 800 21,000 6,800 28,000 103, ΘΘΘ SFr 11, 5ΘΘ 13, ΘΘΘ 53,000 66,000 157, 800 72, 5ΘΘ 11,500 33,500 17,200 Total Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creeks books show a $5,440 payable to SunTime 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full years depreciation is taken in the year of acquisition. The equipment was acquired on March 1 4. The dividends were declared and aid n November 1

U.S. Dollars Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid Total 15,750 15,750 Total debits Accumulated depreciation Accounts payable Bonds payable Common stock Sales Total Total credits

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