Soley plc, a British company whose presentation currency is GBP, has a subsidiary, Westside Ltd, operating in the US. At the reporting date 31 December 20X3, Westside Ltd has 150 million USD of total assets. Exchange rate information as follows: On 31 December 20X3: 1 GBP = 1.2 USD Average rate for 20X3: 1 GBP = 1.25 USD What is Westside Ltd's total assets used for the purpose of preparing the Group's consolidated financial statements? a. 120 million GBP b. 180 million GBP c. 150 million USD d. 125 million GBP e. 187.5 million GBP
Soley plc, a British company whose presentation currency is GBP, has a subsidiary, Westside Ltd, operating in the US. At the reporting date 31 December 20X3, Westside Ltd has 150 million USD of total assets. Exchange rate information as follows: On 31 December 20X3: 1 GBP = 1.2 USD Average rate for 20X3: 1 GBP = 1.25 USD What is Westside Ltd's total assets used for the purpose of preparing the Group's consolidated financial statements? a. 120 million GBP b. 180 million GBP c. 150 million USD d. 125 million GBP e. 187.5 million GBP
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Soley plc, a British company whose presentation currency is GBP, has a subsidiary, Westside Ltd, operating in the US. At the reporting date 31 December 20X3, Westside Ltd has 150 million USD of total assets.
Exchange rate information as follows:
On 31 December 20X3: 1 GBP = 1.2 USD
Average rate for 20X3: 1 GBP = 1.25 USD
What is Westside Ltd's total assets used for the purpose of preparing the Group's consolidated financial statements?
a. 120 million GBP
b. 180 million GBP
c. 150 million USD
d. 125 million GBP
e. 187.5 million GBP
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