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.

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?

Certain balance sheet accounts of a foreign subsidiary of Roman, Inc., on December 31, 2010, have been translated into Philippine peso as follows: Translated at Current Rates P240,000 P200,000 85,000 80,000 150,000 170,000 P475,000 P450,000 The subsidiary's functional currency is the currency of the country in which it is located. What total amount should be included in Roman's December 31, 2010 consolidated balance sheet for the above accounts? Note receivable, long term. Prepaid rent Patent P450,000 P455,000 P475,000 P495,000 Historical Rates

Columbia Corporation, a U.S.-based company, acquired a 100% interest in Swoboda Company in Lodz, Poland on January 1, Year 1 when the exchange rate for the Polish zloty was $0.25. Translate Swoboda’s financial statements into U.S dollars in accordance with U.S. GAAP at December 31, Year 2, using the three scenarios presented in the case and explain why the translation adjustments end up as positive or negative numbers. Read the case on page 325 of the textbook and submit an Excel file with your response to questions 1 and 2. For question 1, prepare the financial statements under each of the three scenarios as instructed.