The following balance sheet accounts of a foreign subsidiary at December 31, 2011, have been translated into U.S. dollars as follows: Translated at Current Rates Historical Rates Accounts receivable, current $ 600,000 $ 660,000 Accounts receivable, long-term 300,000 324,000 Inventories carried at market 180,000 198,000 Goodwill 190,000 220,000 $1,270,000 $1.402,000

The following balance sheet accounts of a foreign subsidiary at December 31, 2017, have been translated into U.S. dollars as follows:       Translated at     Current Rates   Historical Rates Accounts receivable, current   $ 600,000   $ 600,000 Accounts receivable, long-term   300,000   324,000 Inventories carried at market   180,000   198,000 Goodwill   190,000   220,000     $1,270,000   $ 1,402,000 What total should be included in the translated balance sheet at December 31, 2017, for the above items? Assume the U.S. dollar is the functional currency.       $1,354,000   $1,270,000   $1,288,000   $1,300,000

Concord Company, a U.S. company, made credit sales to four customers in Asia on September 15, 2018, and received payment on October 15, 2018. Information related to these sales is shown below: Concord Company Sales Transactions September 15, 2018 Customer Location Invoice Price Currency Prima Industries Ltd Mumbai 7,195,000 Indian rupees (INR) Samal Island Group Cebu City 5,417,000 Philippine peso (PHP) Yokama Properties Inc Osaka 11,210,000 Japanese yen (JPY) Kinabalu Trading Ltd Johur Bahru 414,000 Malaysian ringgit (MYR) The Concord Company’s fiscal year ends on September 30. Required: 1. Use historical exchange rate information available on the Internet x-rates, Historical Lookup, to find the exchange rates between the U.S. dollar and each foreign currency for September 15, September 30, and October 15, 2018.  2. Determine the foreign exchange gains and losses that Concord Company would have recognized in net income in the fiscal years ended September 30, 2018 and September 30,…

A U.S. company's foreign subsidiary had these amounts in local currency units (LCU) in 2024: Cost of goods sold Beginning inventory Ending inventory LCU 5,230,000 536,000 622,000 The average exchange rate during 2024 was $1.30 = LCU 1. The beginning inventory was acquired when the exchange rate was $1.10 = LCU 1. Ending inventory was acquired when the exchange rate was $1.40 LCU 1. The exchange rate on December 31, 2024, was $1.45 = LCU 1. Required: Assuming that the foreign country is highly inflationary, determine the amount at which the foreign subsidiary's cost of goods sold should be reflected in the U.S. dollar income statement. Cost of goods sold

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

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NIKE, Inc., is the best-known sports shoe, apparel, and equipment company in the world because of its association with athletes such as LeBron James, Roger Federer, and Madison Keys. Some of the items included in its recent statement of cash flows presented using the indirect method are listed here. Indicate whether each item is disclosed in the operating activities (O), investing activities (I), or financing activities (F) section of the statement or use (NA) if the item does not appear on the statement. Additions to long term debt depreciation increase (decrease) to notes payable.  The notes are to a financial institution. (increase) decrease to other current assets cash recieved from disposal of equipment reductions in long term debt issuance of stock (increase) decrease in inventory net income