Final Exam-students.docx - CSUS ACCY 117 Advanced...

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CSUS ACCY 117- Advanced Accounting Fall 2017 Final Exam x ________________________________________ PRINT your name 1. Assume that your company owns a subsidiary operating in Germany. The subsidiary conducts most of its business in the European Economic Union and maintains its books using the Euro as its functional currency. Following are the subsidiary’s financial statements (in €) for the most recent year: Subsidiary (in €) Income statement: Sales…………………………………………………………………………..€1,095,000 Cost of goods sold…………………………………………………………… (657,000) Gross profit…………………………………………………………………… 438,000 Operating expenses…………………………………………………………… (284,700) Net income…………………………………………………………………… €153,300 Statement of retained earnings: Beginning of year retained earnings………………………………………….. €574,875 Net income……………………………………………………………………. 153,330 Dividends………………………………………………………………………. (15,330) Ending retained earnings……………………………………………………….
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