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Question;29. The British subsidiary of a U.S. company reported;cost of goods sold of 75,000 pounds (sterling) for the current year ended;December 31. The beginning inventory was 10,000 pounds, and the ending inventory;was 15,000 pounds. Spot rates for various dates are as follows;Assuming the dollar is the functional currency of the British subsidiary, the;remeasured amount of cost of goods sold that should appear in the consolidated;income statement is;A. $108,750.;B. $112,500.;C. $114,250.;D. $125,700.;30. The British subsidiary of a U.S. company reported;cost of goods sold of 75,000 pounds (sterling) for the current year ended;December 31. The beginning inventory was 10,000 pounds, and the ending inventory;was 15,000 pounds. Spot rates for various dates are as follows;Assuming the pound is the functional currency of the British subsidiary, the;translated amount of cost of goods sold that should appear in the consolidated;income statement is;A. $108,750.;B. $112,500.;C. $114,300.;D. $125,700.;31. Elan's Investment in Swiss subsidiary account at;December 31, 2008, is;A. $1,881,050.;B. $1,916,050.;C. $1,923,950.;D. $2,051,500.;32. Elan's consolidated workpaper eliminations related;to the foreign currency translation adjustment will include which entry?;A. Option A;B. Option B;C. Option C;D. Option D

 

Paper#51189 | Written in 18-Jul-2015

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