Remeasurement with Strengthening U.S. Dollar
Refer to the data in Exercise E12-5, but now assume that the exchange rates were as follows:
January 1 | SFr1 = | $0.80 |
March 1 | SFr1 = | 0.77 |
November 1 | SFr1 = | 0.74 |
December 31 | SFr1 = | 0.73 |
20×1 average | SFr1 = | 0.75 |
The receivable from Popular Creek is denominated in Swiss francs. Its books show a $3,650 payable to RoadTime.
Assume that the U.S. dollar is the functional currency.
Required
a.Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars.
b.Compare the results of Exercise E12-7, in which the dollar weakens against the Swiss franc during 20X1, with the results in this exercise (E12-10), in which the dollar strengthened against the Swiss franc during 20X1.
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