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Required information Westmore Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is...
Required information Westmore Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is...
Required information Westmore Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is the pound sterling (£). The following exchange rates were in effect during 2018: Jan.1 June 20 Dec.31 Weighted average rate for the year Ε1 - $1.60 Ε1 - $.64 Ε1 = $ 1.61 £1 = $ 1.59 On December 31, 2018, Westmore had accounts receivable of £280,000. What amount (rounded) would have been included for this subsidiary in calculating consolidated accounts receivable? Η Ο...
Selection of appropriate exchange rate for translation Gordon Ltd., a 100% owned British subsidiary of a...
Selection of appropriate exchange rate for translation Gordon Ltd., a 100% owned British subsidiary of a U.S. parent company, reports its financial statements in local currency, the British pound. A local newspaper published the following U.S. exchange rates to the British pound at year end: Current Rate $1.70 Historical rate acquisition 1.50 Average rate 1.60 Inventory CHIO) 1.55 Which currency rate should Gordon use to convert its income statement to U.S. dollars at year end? Select one: $1.55 $1.60 $1.70...
Pole Company sold inventory to South Ltd., an English subsidiary. The goods cost Pole $9,800 and...
Pole Company sold inventory to South Ltd., an English subsidiary. The goods cost Pole $9,800 and were sold to South for $13,200 on November 27, payable in British pounds. The goods are still on hand at the end of the year on December 31. The British pound (£) is the functional currency of the English subsidiary. The exchange rates follow: November 27 December 31 € 1 = 1.60 1=1.70 Required: a. At what dollar amount is the ending inventory shown...
Required information A subsidiary of Porter Inc., a U.S. company, was located in a foreign country....
Required information A subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary was the Stickle ($) which is the local currency where the subsidiary is located. The subsidiary acquired inventory on credit on November 1, 2017, for $120,000 that was sold on January 17, 2018 for $156,000. The subsidiary paid for the inventory on January 31, 2018. Currency exchange rates between the dollar and the Stickle were as follows: November...
Required information A subsidiary of Porter Inc., a U.S. company, was located in a foreign country....
Required information A subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary was the Stickle (S) which is the local currency where the subsidiary is located. The subsidiary acquired inventory on credit on November 1, 2017, for $120,000 that was sold on January 17, 2018 for $156,000. The subsidiary paid for the inventory on January 31, 2018. Currency exchange rates between the dollar and the Stickle were as follows: November...
Foregn Curremty Sumi Reor Origin Gas establishes a subsidiary operation in a foreign country on January...
Foregn Curremty Sumi Reor Origin Gas establishes a subsidiary operation in a foreign country on January 1, 2017. The country's currency is the Euro(€). To start this business. Origin Gas invests 20,000 Euro. this amount,it spends 6,000 Euro(E) immediately to acquire equipment. Later, on April 1, 2017, it also purchases land. All subsidiary operational activities occur at an even rate throughout the year. The U.S. dollar ($) exchange rates for the Euro(€) for 2017 follow January 1 April 1 June...
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is...
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2016, the subsidiary had the following balance sheet (amounts are in thousands (000's)): Cash NGN 16,790 Notes payable NGN 20,380 Inventory 11,900 Common stock 22,300 Land 4,190 Retained earnings 11,150 Building 41,900 Accumulated depreciation (20,950 ) NGN 53,830 NGN 53,830 The subsidiary acquired the inventory on August 1, 2016, and the land and building in 2010. It issued...
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is...
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2016, the subsidiary had the following balance sheet (amounts are in thousands (000's)): Cash NGN 15,890 Notes payable NGN 20,020 Inventory 10,100 Common stock 20,020 Land 4,010 Retained earnings 10,010 Building 40,100 Accumulated depreciation (20,050 ) NGN 50,050 NGN 50,050 The subsidiary acquired the inventory on August 1, 2016, and the land and building in 2010. It issued...
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is...
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria
where the local currency unit is the naira (NGN). On December 31,
2016, the subsidiary had the following balance sheet (amounts are
in thousands (000's)):
The subsidiary acquired the inventory on August 1, 2016, and the
land and building in 2010. It issued the common stock in 2008.
During 2017, the following transactions took place:
a. Assuming the NGN is the subsidiary's functional currency,
what is the translation adjustment determined...
Arnall Ltd., a British merchandising company, is the exclusive distributor of a product that is gaining...
Arnall Ltd., a British merchandising company, is the exclusive distributor of a product that is gaining rapid market acceptance. The company's revenues and expenses (in British pounds) for the last three months are given below: Arnall Ltd. Comparative Income Statements For the Three Months Ended June 30 April 2,900 Sales in units May 6,200 June 7,500 Sales revenue Cost of goods sold £ 580,000 249,400 £ 1,240,000 533,200 £ 1,500,000 645,000 Gross margin 330,600 706,800 855,000 Selling and administrative expenses:...
Required information Westmore Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is the pound sterling (£). The following exchange rates were in effect during 2018: Jan.1 June 20 Dec.31 Weighted average rate for the year Ε1 - $1.60 Ε1 - $.64 Ε1 = $ 1.61 £1 = $ 1.59 On December 31, 2018, Westmore had accounts receivable of £280,000. What amount (rounded) would have been included for this subsidiary in calculating consolidated accounts receivable? Η Ο...
Selection of appropriate exchange rate for translation Gordon Ltd., a 100% owned British subsidiary of a U.S. parent company, reports its financial statements in local currency, the British pound. A local newspaper published the following U.S. exchange rates to the British pound at year end: Current Rate $1.70 Historical rate acquisition 1.50 Average rate 1.60 Inventory CHIO) 1.55 Which currency rate should Gordon use to convert its income statement to U.S. dollars at year end? Select one: $1.55 $1.60 $1.70...
Pole Company sold inventory to South Ltd., an English subsidiary. The goods cost Pole $9,800 and were sold to South for $13,200 on November 27, payable in British pounds. The goods are still on hand at the end of the year on December 31. The British pound (£) is the functional currency of the English subsidiary. The exchange rates follow: November 27 December 31 € 1 = 1.60 1=1.70 Required: a. At what dollar amount is the ending inventory shown...
Required information A subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary was the Stickle ($) which is the local currency where the subsidiary is located. The subsidiary acquired inventory on credit on November 1, 2017, for $120,000 that was sold on January 17, 2018 for $156,000. The subsidiary paid for the inventory on January 31, 2018. Currency exchange rates between the dollar and the Stickle were as follows: November...
Required information A subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary was the Stickle (S) which is the local currency where the subsidiary is located. The subsidiary acquired inventory on credit on November 1, 2017, for $120,000 that was sold on January 17, 2018 for $156,000. The subsidiary paid for the inventory on January 31, 2018. Currency exchange rates between the dollar and the Stickle were as follows: November...
Foregn Curremty Sumi Reor Origin Gas establishes a subsidiary operation in a foreign country on January 1, 2017. The country's currency is the Euro(€). To start this business. Origin Gas invests 20,000 Euro. this amount,it spends 6,000 Euro(E) immediately to acquire equipment. Later, on April 1, 2017, it also purchases land. All subsidiary operational activities occur at an even rate throughout the year. The U.S. dollar ($) exchange rates for the Euro(€) for 2017 follow January 1 April 1 June...
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria
where the local currency unit is the naira (NGN). On December 31,
2016, the subsidiary had the following balance sheet (amounts are
in thousands (000's)):
The subsidiary acquired the inventory on August 1, 2016, and the
land and building in 2010. It issued the common stock in 2008.
During 2017, the following transactions took place:
a. Assuming the NGN is the subsidiary's functional currency,
what is the translation adjustment determined...
Arnall Ltd., a British merchandising company, is the exclusive distributor of a product that is gaining rapid market acceptance. The company's revenues and expenses (in British pounds) for the last three months are given below: Arnall Ltd. Comparative Income Statements For the Three Months Ended June 30 April 2,900 Sales in units May 6,200 June 7,500 Sales revenue Cost of goods sold £ 580,000 249,400 £ 1,240,000 533,200 £ 1,500,000 645,000 Gross margin 330,600 706,800 855,000 Selling and administrative expenses:...
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