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### AFA_Ch10_Translation of Statements_Demo_Posted

School: HKU
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1-2 Translation Page of Financial Statements - Current Rate Method Kingsfield, a U.S. Company, starts a subsidiary operation in a foreign country on January 1, 2009. The country's currency is the kumquat (KQ). To start this business, Kingsfield invests 10,000 kumquats. Of this amount, it spends 3,000 kumquats immediately to acquire equipment on 1/1/2009. Later, on April 1,2009, it also purchases land. All...

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1-2 Translation Page of Financial Statements - Current Rate Method Kingsfield, a U.S. Company, starts a subsidiary operation in a foreign country on January 1, 2009. The country's currency is the kumquat (KQ). To start this business, Kingsfield invests 10,000 kumquats. Of this amount, it spends 3,000 kumquats immediately to acquire equipment on 1/1/2009. Later, on April 1,2009, it also purchases land. All subsidiary operational activities occur at an even rate throughout the year. The currency exchange rates for the kumquat for this year follow: Exchange Rates: (direct quotes: KQ1 = \$___) 1/1/2009 \$1.71 4/1/2009 1.59 6/1/2009 1.66 Weighted average-2009 1.64 12/31/2009 1.62 Assume that the subsidiary's functional currency is the kumquat. Prepare a trial balance for it in U.S. dollars so that consolidated financial statements can be prepared. Translation of Trial Balance 12/31/2009 Cash Accounts Receivable Equipment Accumulated Depreciation Land Accounts Payable Notes Payable (due 2012) Common Stock Dividends Paid (6/1/09) R/E(1/1/09) Sales Salary Expense Depreciation Expense Miscellaneous Expenses KQ 8,000 9,000 3,000 (600) 5000 (3,000) (5,000) (10,000) 4,000 (25,000) 5,000 600 9,000 Translation Rate Balanced Total - US\$ 12,960 14,580 4,860 (972) 8,100 (4,860) (8,100) (17,100) 6,640 (41,000) 8,200 984 14,760 948 - Calculation of Translation Adjustment KQ Net assets, 1/1 Increase in net assets: Common stock issued.. Sales Decrease in net assets: Dividends paid.. Salary expense.. Depreciation expense. Miscellaneous . Net expense assets, 12/31. Net assets, 12/31 at current exchange rate. Translation adjustment (negative) Rate US\$ -0- -0- 10,000 25,000 \$17,100 41,000 (4,000) (5,000) (600) (9,000) 16,400 (6,640) (8,200) (984) (14,760) 16,400 Page 3-4 Assume that the subsidiary's functional currency is the U.S. dollar. Prepare a trial balance for it in U.S. dollars so that consolidated financial statements can be prepared. Exchange Rates: (direct quotes: KQ1 = \$___) 1/1/2009 \$1.71 4/1/2009 1.59 6/1/2009 1.66 Weighted average-2009 1.64 12/31/2009 1.62 Remeasurement of Trial Balance 12/31/2009 Translation Rate 8,000 9,000 3,000 (600) 5000 (3,000) (5,000) (10,000) 4,000 (25,000) 5,000 600 9,000 KQ Cash Accounts Receivable Equipment Accumulated Depreciation Land Accounts Payable Notes Payable (due 2012) Common Stock Dividends Paid (6/1/09) R/E(1/1/09) Sales Salary Expense Depreciation Expense Miscellaneous Expenses Total US\$ 12,960 14,580 5,130 (1,026) 7,950 (4,860) (8,100) (17,100) 6,640 (41,000) 8,200 1,026 14,760 - - Calculation of Remeasurement Loss KQ Net monetary assets, 1/1 Increase in net monetary assets: Common stock issued Sales Decrease in net monetary assets: Acquired equipment Acquired land Dividends paid Salary expense Miscellaneous expense Net monetary assets, 12/31 Net monetary assets, 12/31 at current exchange rate Remeasurement loss (debit) Rate US\$ -0- -0- 10,000 25,000 \$17,100 41,000 (3,000) (5,000) (4,000) (5,000) (9,000) 9,000 (5,130) (7,950) (6,640) (8,200) (14,760) 15,420 9,000 14,580 840
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