Translation of foreign currency financial statements
Not what you're looking for?
Foreign Currency Financial Statements
Financial Statement Translation
Prepare financial statements for a foreign subsidiary and then translate them into U.S. dollars. The first item has been completed for you as an example.
Fenwicke Company Subsidiary
Income Statement
LCU U.S. Dollars
Rent revenue 60,000 x $1.90 A = $114,000
Interest expense
Depreciation expense
Repair expense
Net income
Statement of Retained Earnings
LCU U.S. Dollars
Retained earnings 1-Jan -0- -0-
Net income
Dividends paid
Retained earnings, 12/31
Balance Sheet
LCU U.S. Dollars
Cash
Accounts receivable
Building
Accumulated depreciation
Total assets
Interest payable
Note payable
Common stock
Retained earnings
Translation adjustment
Total liabilities and equities
Purchase this Solution
Solution Summary
The translations of foreign currency financial statements are examined.
Purchase this Solution
Free BrainMass Quizzes
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)