accounts data bank

accounts data bank

Question
	
29. The British subsidiary of a U.S. company reported
cost of goods sold of 75,000 pounds (sterling) for the current year ended
December 31. The beginning inventory was 10,000 pounds, and the ending inventory
was 15,000 pounds. Spot rates for various dates are as follows:

 



 accounts   data bank 

Assuming the dollar is the functional currency of the British subsidiary, the
remeasured amount of cost of goods sold that should appear in the consolidated
income statement is: 

A. $108,750.

B. $112,500.

C. $114,250.

D. $125,700.



 















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30. The British subsidiary of a U.S. company reported
cost of goods sold of 75,000 pounds (sterling) for the current year ended
December 31. The beginning inventory was 10,000 pounds, and the ending inventory
was 15,000 pounds. Spot rates for various dates are as follows:

 accounts   data bank 



Assuming the pound is the functional currency of the British subsidiary, the
translated amount of cost of goods sold that should appear in the consolidated
income statement is: 

A. $108,750.

B. $112,500.

C. $114,300.

D. $125,700.



 



 






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31. Elan's Investment in Swiss subsidiary account at
December 31, 2008, is: 

A. $1,881,050.

B. $1,916,050.

C. $1,923,950.

D. $2,051,500.



 



32. Elan's consolidated workpaper eliminations related
to the foreign currency translation adjustment will include which entry?

 accounts   data bank 

A. Option A

B. Option B

C. Option C

D. Option D