Chapter 10-15 - CHAPTER 10 TRANSLATION OF FOREIGN CURRENCY...

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CHAPTER 10 TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS Answers to Problems 34. (90 minutes) (Remeasure non-functional currency accounts into foreign functional currency and then translate foreign functional currency financial statements into U.S. dollars) a. Remeasurement of Mexican Operations Canadian Dollars Pesos Debit Credit Accounts payable 49,000 x .35 C 17,150 Accumulated depreciation 19,000 x .25 H 4,750 Building and equipment 40,000 x .25 H 10,000 Cash 59,000 x .35 C 20,650 Depreciation expense 2,000 x .25 H 500 Inventory (beginning —income statement) 23,000 x .30 A (’06) 6,900 Inventory (ending —income statement) 28,000 x .34 A(’07) 9,520 Inventory (ending—balance sheet) 28,000 x .34 A( 07) 9,520 Purchases 68,000 x .34 A(’07) 23,120 Receivables 21,000 x .35 C 7,350 Salary expense 9,000 x .34 A 3,060 Sales 124,000 x .34 A 42,160 Main office 30,000 given 7,530 Remeasurement loss Schedule One 10 Total 81,110 81,110 Schedule One—Remeasurement Loss Pesos
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Chapter 10-15 - CHAPTER 10 TRANSLATION OF FOREIGN CURRENCY...

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