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Category > Management Posted 10 Jul 2017 My Price 11.00

subsidiary of Byner Corporation

1. A subsidiary of Byner Corporation has one asset (inventory) and no liabilities. The functional currency for this subsidiary is the peso. The inventory was acquired for 100,000 pesos when the exchange rate was $0.16 = 1 peso. Consolidated statements are to be produced, and the current exchange rate is $0.19 = 1 peso. Which of the following statements is true for the consolidated financial statements? a. A remeasurement gain must be reported. b. A positive translation adjustment must be reported. c. A negative translation adjustment must be reported. d. A remeasurement loss must be reported. 2. At what rates should the following balance sheet accounts in foreign statements be translated (rather than remeasured) into U.S. dollars? Accumulated Depreciation of Equipment and Equipment a. current current b. current average for year c. historical current d. historical historical1.  A subsidiary of Byner Corporation has one asset (inventory) and no liabilities. The functional currency for this subsidiary is the peso. The inventory was acquired for 100,000 pesos when the exchange rate was $0.16 = 1 peso. Consolidated statements are to be produced, and the current exchange rate is $0.19 = 1 peso. Which of the following statements is true for the consolidated financial statements?
 a. A remeasurement gain must be reported.
b. A positive translation adjustment must be reported.
 c. A negative translation adjustment must be reported.
 d. A remeasurement loss must be reported.

2.  At what rates should the following balance sheet accounts in foreign statements be translated (rather than remeasured) into U.S. dollars?
Accumulated Depreciation of Equipment   and    Equipment
a.   current              current
b.   current              average for year
c.   historical             current
d.   historical             historical



Answers

Maurice Tutor
(5)
Status NEW Posted 10 Jul 2017 10:07 AM My Price 11.00

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