Translate RoadTime's trial balance from Swiss francs to dollars
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Please see attachment for RoadTime's December 31, 20X1, trial balance in SFr.
On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000.
Additional Information
1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,000 payable to RoadTime.
2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1.
3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken in the year of acquisition. The equipment was acquired on March 1.
4. The dividends were declared and paid on November 1.
5. Exchange rates were as follows:
January 1 SFr1 = 0.73
March 1 SFr1 = 0.74
November 1 SFr1 = 0.77
December 31 SFr1 = 0.80
20X1 Average SFr1 = 0.75
6. The Swiss franc is the functional currency.
Required
Prepare a schedule translating the December 31, 20X1, trial balance from Swiss francs to dollars.
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Solution Summary
The expert translates RoadTime's trial balance from Swiss francs to dollars.
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