Westmore, Ltd. is a British subsidiary of a U.S. company. W
Not what you're looking for?
Westmore, Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is the pound sterling. The following exchange rates were in effect during 2009:
Jan 1 $1 = £.625
June 30 $1 = £.610
Dec 31 $1 = £.620
Weighted average rate for the year $1 = £.630
Required:
1) Westmore reported sales of £1,500,000 during 2009. What amount would have been included for this subsidiary in calculating consolidated sales?
2) On December 31, Westmore had accounts receivable of £280,000. What amount would have been included for this subsidiary in calculating consolidated accounts receivable?
Purchase this Solution
Solution Summary
The solution provides detailed calculations for the problem.
Purchase this Solution
Free BrainMass Quizzes
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.
Learning Lean
This quiz will help you understand the basic concepts of Lean.