Fundamentals of Advanced Accounting
6th Edition
ISBN: 9780077862237
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Chapter 8, Problem 6P
To determine
Identify the appropriate answer for the given statement from the given choices.
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Certain balance sheet accounts of a foreign subsidiary of Orchid Company have been stated in U.S. dollars as follows:
Current Rates
Historical Rates
Accounts Receivable, current
$200000
$220000
Accounts Receivable, long term
100000
110000
Land
50000
55000
Patents
80000
85000
Total
$430000
$470000
This subsidiary’s functional currency is a foreign currency. What total should Orchid’s balance sheet include for the preceding items? Choose the correct.a. $430,000.b. $435,000.c. $440,000.d. $450,000
Certain balance sheet accounts of a foreign subsidiary of Orchid Company have been stated in U.S. dollars as follows:
Current Rates
Historical Rates
Accounts Receivable, current
$200000
$220000
Accounts Receivable, long term
100000
110000
Land
50000
55000
Patents
80000
85000
Total
$430000
$470000
This subsidiary’s functional currency is the U.S. dollar. What total should Orchid’s balance sheet include for the preceding items?a. $430,000.b. $435,000.c. $440,000.d. $450,000.
Certain balance sheet accounts of a foreign subsidiary of Orchid Company have been stated in U.S. dollars as follows:
Stated at
Current Rates
Historical Rates
Accounts receivable, current
$
276,000
$
296,000
Accounts receivable, long term
128,000
135,000
Land
64,000
67,000
Patents
92,000
97,000
$
560,000
$
595,000
This subsidiary’s functional currency is the U.S. dollar. What total should Orchid’s balance sheet include for the preceding items?
a. $560,000.
b. $575,000.
c. $565,000.
d. $568,000.
Chapter 8 Solutions
Fundamentals of Advanced Accounting
Ch. 8 - Prob. 1QCh. 8 - What causes balance sheet (or translation)...Ch. 8 - Prob. 3QCh. 8 - Prob. 4QCh. 8 - Prob. 5QCh. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Prob. 8QCh. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - Prob. 11QCh. 8 - Which translation method does U.S. GAAP require...Ch. 8 - Prob. 13QCh. 8 - Prob. 1PCh. 8 - Prob. 2PCh. 8 - Prob. 3PCh. 8 - Prob. 4PCh. 8 - Prob. 5PCh. 8 - Prob. 6PCh. 8 - Prob. 7PCh. 8 - Prob. 8PCh. 8 - Prob. 9PCh. 8 - Prob. 10PCh. 8 - Prob. 11PCh. 8 - Prob. 12PCh. 8 - Prob. 13PCh. 8 - Prob. 14PCh. 8 - Prob. 15PCh. 8 - Prob. 16PCh. 8 - Prob. 17PCh. 8 - A foreign subsidiarys functional currency is its...Ch. 8 - Prob. 19PCh. 8 - Prob. 20PCh. 8 - Prob. 21PCh. 8 - Prob. 22PCh. 8 - Prob. 23PCh. 8 - Prob. 24PCh. 8 - Prob. 25PCh. 8 - Prob. 26PCh. 8 - Prob. 27PCh. 8 - Prob. 28PCh. 8 - Prob. 29PCh. 8 - Prob. 30PCh. 8 - Prob. 31PCh. 8 - Prob. 32PCh. 8 - Prob. 33PCh. 8 - Prob. 34PCh. 8 - Prob. 35PCh. 8 - Prob. 36PCh. 8 - Prob. 37PCh. 8 - Prob. 38PCh. 8 - Prob. 1DYSCh. 8 - Prob. 2DYSCh. 8 - Prob. 3DYSCh. 8 - Prob. 4DYSCh. 8 - Prob. 5DYS
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