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XYZ is a German Company that has its foreign affiliation in Oman as Watiyyah Inc. The functional currency of Oman is OMR. The reporting currency for XYZ is EUR. The company shows the below accounts: Cash (OMR 15000), Capital (OMR 75000), Accounts Receivable (OMR 30000), Long Term Debt (OMR 10000), Accounts payable (OMR 25000), Land and Building (OMR 25000), Inventory (OMR 40000),   Prepare the balance sheet of Watiyyah Inc.   Translate the above balance sheet into EUR using the temporal method using the below exchange rates: The current exchange rate is OMR 0.4350/EUR The historical exchange rate is OMR 0.4060/EUR

XYZ is a German Company that has its foreign affiliation in Oman as Watiyyah Inc. The functional currency of Oman is OMR. The reporting currency for XYZ is EUR. The company shows the below accounts: Cash (OMR 15000), Capital (OMR 75000), Accounts Receivable (OMR 30000), Long Term Debt (OMR 10000), Accounts payable (OMR 25000), Land and Building (OMR 25000), Inventory (OMR 40000),   Prepare the balance sheet of Watiyyah Inc.   Translate the above balance sheet into EUR using the temporal method using the below exchange rates: The current exchange rate is OMR 0.4350/EUR The historical exchange rate is OMR 0.4060/EUR

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. XYZ is a German Company that has its foreign affiliation in Oman as Watiyyah Inc. The functional currency of Oman is OMR. The reporting currency for XYZ is EUR. The company shows the below accounts:

Cash (OMR 15000), Capital (OMR 75000), Accounts Receivable (OMR 30000), Long Term Debt (OMR 10000), Accounts payable (OMR 25000), Land and Building

(OMR 25000), Inventory (OMR 40000),

 

  1. Prepare the balance sheet of Watiyyah Inc.

 

  1. Translate the above balance sheet into EUR using the temporal method using the below exchange rates:

The current exchange rate is OMR 0.4350/EUR

The historical exchange rate is OMR 0.4060/EUR

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