Honesty Company is a Philippine company in Taiwan. Honesty’s functional currency is the Taiwan dollar (TWD). The following exchange rates were in effect during 2022 (see image below). Honesty reported sales of TWD 1,500,000 during 2022 and had accounts receivable of TWD 280,000 as of December 31, 2022. Answer the following subquestions: a. How much is the amount of Accounts Receivable to be included in the consolidated financial statements? b. How much is the amount of Sales to be included in the consolidated financial statements? _______________ thanks!
Honesty Company is a Philippine company in Taiwan. Honesty’s functional currency is the Taiwan dollar (TWD). The following exchange rates were in effect during 2022 (see image below). Honesty reported sales of TWD 1,500,000 during 2022 and had accounts receivable of TWD 280,000 as of December 31, 2022. Answer the following subquestions: a. How much is the amount of Accounts Receivable to be included in the consolidated financial statements? b. How much is the amount of Sales to be included in the consolidated financial statements? _______________ thanks!
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Honesty Company is a Philippine company in Taiwan. Honesty’s functional currency is the Taiwan dollar (TWD). The following exchange rates were in effect during 2022 (see image below).
Honesty reported sales of TWD 1,500,000 during 2022 and had accounts receivable of TWD 280,000 as of December 31, 2022.
Answer the following subquestions:
a. How much is the amount of Accounts Receivable to be included in the consolidated financial statements?
b. How much is the amount of Sales to be included in the consolidated financial statements?
_______________
thanks!
Transcribed Image Text:January 1
June 30
December 31
Average Rate
1 TWD = 0.625 PHP
1 TWD = 0.610 PHP
1 TWD = 0.620 PHP
1 TWD = 0.630 PHP
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