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Translation and Remeasurement of Inventory and Cost of Sales Shopwell is a U.K. grocery chain that...
Ju yuui leasing and any assurpLUIIS Mdul. Translated/Remeasured Trial Balances On January 1, 2019, the U.K. subsidiary of national Corporation had the following condensed the following condensed balance sheet, in pounds sterling (in millions): Assets Cash and receivables.. Inventory (FIFO) ......... Plant assets .............. Accumulated depreciation. Total assets £2,000 2,200 1,600 (400) £5,400 Liabilities and equity Accounts payable..... Long-term debt. Equity ......... £2,100 1,200 2,100 Total liabilities and equity...... £5,400 The exchange rate on January 1, 2019 was $1.20/£. Inventory...
Please assist with parts a and b. P7.9 Translated/Remeasured Trial Balances On January 1, 2019, the U.K. subsidiary of U.S. Intema- tional Corporation had the following condensed balance sheet, in pounds sterling (in millions): Llabilitles and equlty Accounts payable... Long-term debt... Equity ... Assets Cash and receivables... Inventory (FIFO).. Plant assets... Accumulated depreciation £2,000 2,200 1,600 (400) £2,100 1,200 2,100 Total assets.... Total liabilities and equity ...... £5,400 £5,400 The exchange rate on January 1, 2019 was $1.20/£. Inventory at...
E7.11 Translated and Remeasured Trial BalancesThe inode Company established a wholly-owned on January 1, 2019, when the exchange rate was $0.30/riyal (SAR). Of Thode's initial SAR200.000.000 investment, SAR100,000,000 was used to acquire plant assets (ten- vear life) and SAR50.000.000 was used to acquire inventory. The remaining amount was initially held as cash by the subsidiary. During 2019. the subsidiary reported net income of SAR20.000.000. Inventory purchases of SAR15.000.000 were made evenly during the year. It paid dividends of SAR10.000.000 on...
Translation and Remeasurement Gains and Losses Amcrest France Sarl, located in Paris, France, is a financial subsidiary of Target Corporation, a U.S. company. Amcrest’s accounts are reported in euros. Assume that the following data relate to Amcrest’s activities for 2020 (in millions). Net monetary liabilities, beginning of year €(15,000) Net assets, beginning of year 5,400 Transactions during 2020: Sales 72,000 Inventory purchases 59,000 Depreciation and amortization 1,000 Cost of sales 61,000 Cash operating expenses 9,500 Dividends declared and paid 100...
Remeasured and Translated Trial Balance On January 2, 2019, Maddox Corporation, head‑ quartered in the U.S., established a wholly‑owned subsidiary in Mexico City. An initial investment of P10,000,000 was made on that date; the exchange rate was $0.05/peso. During 2019, the following cash transactions occurred at the Mexico City subsidiary. All amounts are in pesos (P). Facilities costs (January 2; 5-year life) . . . . . . . . . . . . . . . . . ....
Translation and Remeasurement Gains and Losses Amcrest France Sarl, located in paris, France is a financial subsidiary of Target Corporation, a U.S. company. Amcrest’s accounts are reported in euros. Assume that the following data relate to Amcrest’s activities for 2020 (in millions). Net monetary liabilities, beginning of year Euros(15,000) Net assets, beginning of year 5,400 Transactions during 2020: Sales 72,000 Inventory purchases 59,000 Depreciation and amortization 1,000 Cost of sales 61,000 Cash of operating expenses 9,500 Dividends declared and paid 100 New long-term interest borrowings 300 Sales, inventory purchases, and...
Please assist with this Problem P7.5 • Consolidating Foreign Currency Financial Statements P7.5 Translation and Ratio Analysis Suppose that on January 1, 2020, La-z-Boy Ine, establish subsidiary in Ireland, La-z-Boy Ireland, to design, manufacture and distribute specialized furnitur European market. Its condensed balance sheet at January 1, 2020, in euros, is below (in thousands Assets Cash Plant assets, net.... Total assets 300,000 €400,000 Liabilities and equity Liabilities........................ Capital stock .. Total liabilities and equity..... €200,000 200,000 €400,000 At December 31,...
Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2017 with three assets: cash of 30,800 dinars accounts receivable of 82,500 dinars, and land that cost 225,000 dinars when acquired on April 1, 2016. On January 1, 2017, Zugar has a 175,000 dinar note payable, and no other liabilities. On May 1, 2017, Zugar renders services to a customer for 145,000 dinars, which was immediately paid in cash. On June 1, 2017, Zugar incurred a...
Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2017 with three assets: cash of 25,200 dinars accounts receivable of 81,400 dinars, and land that cost 214,000 dinars when acquired on April 1, 2016. On January 1, 2017, Zugar has a 164,000 dinar note payable, and no other liabilities. On May 1, 2017, Zugar renders services to a customer for 134,000 dinars, which was immediately paid in cash. On June 1, 2017, Zugar incurred a...
Translation and Remeasurement of Account Balances U.S. Industries has a subsidiary in Switzerland. The subsidiary’s financial statements are maintained in Swiss francs (CHF). Exchange rates ($/CHF) for selected dates are as follows: January 1, 2018 $1.02 November 30, 2020 $1.08 January 1, 2019 1.04 December 31, 2020 1.09 Average for 2020 1.06 The following items appear in the subsidiary’s trial balance at December 31, 2020: 1. Cash in bank, CHF4,000,000. 2. Inventory, CHF3,000,000. The inventory was acquired on November 30,...