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Wolters Corporation is a U.S. corporation that purchased 50,000 chocolate bars from a foreign manufacturer on 6/1/X9 for 80,000 foreign currency units, to be paid on 9/1/X9. On 6/1/X9 Wolters also entered into a forward contract to purchase 80,000 foreign currency units on 9/1/X9. Wolters has a July 31 year end.
Exchange rates are as follows:
The option strike price was $0.645.
Required:
Make the necessary journal entries for Wolters for the period June 1 through September 1, 20X9.
Bargaining Committee
A group of employees or union members designated to negotiate labor contracts with their employer.
Hourly Wage
Payment to employees based on the number of hours worked, set as a rate per hour.
NLRB
The National Labor Relations Board, a US government agency that enforces US labor law in relation to collective bargaining and unfair labor practices.
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An organized effort which seeks to influence the decision-making process within a specific group by selecting individuals for public office.
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