Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 21 Aug 2017 My Price 9.00

Shanghai Corporation

  1. Shanghai Corporation, the Chinese affiliate of a U.S. manufacturer, has the balance sheet shown below. The current exchange rate is

$.0.15 = CNY1.

Balance Sheet of Shanghai Corporation (000’s)

Assets

 

Liabilities

 

Cash

CNY 5,000

Accounts payable

CNY21,000

Accounts receivable

14,000

Long-term debt

27,000

Inventories a (cost = 24,000)

22,000

    

Fixed assets, net Total assets

39,000

CNY80,000

Stockholders’ equity Total liab & SE

32,000

CNY80,000

Required:

  1. Translate the Chinese dollar balance sheet of Shanghai Corporation into U.S. dollars at the current exchange rate of $.0.15 12 = CNY1. All monetary accounts in Shanhai’s balance sheet are denominated in Chinese yuan.

  2. Assume the Chinese yuan revalues from $0.15 = CNY1 to $0.1875 = CNY1. What would be the translation effect if Shanghai’s balance sheet is translated by the current–noncurrent method? By the monetary–nonmonetary method?

  3. Assume instead that the Chinese yuan weakens from $0.15 = CNY1 to $0.1125 = CNY1. What would be the translation effect under each of the two translation methods?

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 01:08 PM My Price 9.00

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