This subsidiary’s functional currency is the U.S. dollar. What total should Rose’s balance sheet include for the preceding items?
a. $430,000.
b. $435,000.
c. $440,000.
d. $450,000.
Problems 8 and 9 are based on the following information.
A subsidiary of Salisbury, Inc., is located in a foreign country whose functional currency is the schweikart (SWK). The subsidiary acquires inventory on credit on November 1, 2010, for SWK 100,000 that is sold on January 17, 2011, for SWK 130,000. The subsidiary pays for the inventory on January 31, 2011. Currency exchange rates for 1 SWK are as follows:
November 1, 2010 | $0.16 = 1 | SWK |
December 31, 2010 | 0.17 = 1 |
|
January 17, 2011 | 0.18 = 1 |
|
January 31, 2011 | 0.19 = 1 |
|
Average for 2011 | 0.20 = 1 |
|
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