Certain balance sheet accounts of a foreign subsidiary of Orchid Company have been stated in U.S. dollars as follows: Stated at Accounts receivable, current Accounts receivable, long term Land Patents Multiple Choice O $462,000 Current Rates $150,000 102,000 51,000 80,000 $383,000 roblem 10-7 (Algo) (LO 10-2, 10-4) his subsidiary's functional currency is the U.S. dollar. What total should Orchid's balance sheet include for the preceding items? $383.000 Historical Rates $ 170,000 172,000 55,000 85,000 $ 482,000

Looking for help with these two questions.   1. Prepare financial statements (income statement, statement of retained earnings, and balance sheet) for the Canadian subsidiary in its functional currency, Canadian dollars.2. Translate the Canadian dollar functional currency financial statements into U.S. dollars so that Sendelbach can prepare consolidated financial statements.

H2.

A U.S. parent owns a subsidiary in France, the subsidiary's accounts are maintained in euros, and its functional currency is the U.S. dollar. During the year, the euro has weakened against the U.S. dollar (U.S.$/€ rate has declined).Which one of the subsidiary's transactions below increases the amount of remeasurement losses reported when the subsidiary's accounts are translated to U.S. dollars?Select one:A. Inventory purchasesB. Depreciation expenseC. Sale of equity securitiesD. Sales revenue   Plz answer fast without plagiarism.

If the euro is chosen as the Ukraine subsidiary’s functional currency, Eurexim will translateits fi xed assets using the:A . average rate for the reporting period.B . rate in eff ect when the assets were purchased.C . rate in eff ect at the end of the reporting period.

Example 1: Kennedy Inc. is a US based MNC that conduct a part of its business in Oman. Its Omani sales are denominated in Omani Riyal. Its income statement from Oman business at the year-end is shown below:  Income Statement  Particulars  Amount in OMR  Sales  25000  Less: Cost of goods sold  8000  Gross Profit  17000  Operating expenses  11000  EBIT  6000  Interest Expenses  2000  EBT  4000  Exchange Rates:  (a) The spot exchange rate = OMR 0.3850/USD  (b) The average exchange rate = OMR 0.3780/USD  (c) The historical exchange rate = OMR 0.3820/USD    Requirement: Translate income statement into reporting currency by using the current rate method and temporal method.

7. A foreign subsidiary of the Bart Corporation has certain balance sheet accounts on December 31, 20X2. Information relating to these accounts in U.S. dollars is as follows: Restated at Current Rates Historical Rates Marketable (Available-for-Sale and Trading) securities $ 75,000 $ 85,000 Inventories, carried at average cost Refundable deposits Goodwill 600,000 25,000 55,000 $ 755,000 700,000 30,000 70,000 $ 885,000 What total should be included in Bart's balance sheet on December 31, 20X2, as a result of the preceding information? Foreign Currency is Functional Currency $780,000 $870,000 $755,000 $880,000 U.S. Dollar is Functional Currency $870,000 $755,000 $780,000 $880,000 x

On January 1, 2024, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. The acquisition was treated as a purchase transaction. The 2024 financial statements stated in Swiss francs are given below. GRANT MANAGEMENT CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2024 Direct exchange rates for Swiss franc are: Required: A. Translate the year-end balance sheet and income statement of foreign subsidiary using the current rate method of translation. B. Prepare a schedule to verify the translation adjustment. Cash and Receivables Net Property, Plant, and Equipment 40,000 37,000 60,000 92,000 30,000 32,000 20,000 20,000 10,000 40,000 60,000 92,000 Totals Accounts and Notes Payable Common Stock Retained Earnings Totals GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2024 Jan. 1 Dec. 31 20,000 55,000 Revenues 75,000 Operating…

A​ U.S.-based multinational company has two​ subsidiaries, one in Mexico​ (local currency, Mexican​peso, MP) and one in Japan​ (local currency,​ yen, ¥). Forecasts of business operations indicate the following​ short-term financing position for each subsidiary​ (in equivalent U.S.​ dollars): ​Mexico:$80 million excess cash to be invested​ (lent) ​Japan: $60 million funds to be raised​ (borrowed)                                                                Currency Item US​ $ MP ¥ Spot exchange rates   MP11.60​/US$ ​¥108.25​/US$ Forecast percentage change   −3.00% +1.50% Interest rates       Nominal       Euromarket 4.00%    6.20%    2.00% Domestic 3.75%    5.90%    2.15% Effective       Euromarket                                        Domestic                              Euromarket and the domestic​ market; then indicate where the funds should be invested and raised.…

Forex: Translation and RemeasurementThe following assets are held by a subsidiary in a foreign country:   1. At what amount should be reported as total assets if the financial statement is to be translated as of Jan. 31?2. At what amount should be reported as total assets if the financial statement is to be remeasured as of Jan. 31?