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Certain balance sheet accounts of a foreign subsidiary of th…

Posted byAnonymous June 23, 2021June 7, 2023

Questions

Certаin bаlаnce sheet accоunts оf a fоreign subsidiary of the Crater Co. had been stated in U.S. dollars as follows:     Stated at   Current Rates   Historical Rates Accounts receivable−current $ 310,000     $ 324,000   Accounts receivable−long term   150,000       167,000   Prepaid insurance   90,000       98,000   Goodwill   115,000       121,000   Totals $ 665,000     $ 710,000     If the U.S. dollar is the functional currency of this subsidiary, what total amount should be included in Crater’s balance sheet in U.S. dollars?                         A)    $688,000.                        B)    $696,000.            C)    $710,000.            D)    $665,000.            E)    $679,000.

Certаin bаlаnce sheet accоunts оf a fоreign subsidiary of the Crater Co. had been stated in U.S. dollars as follows:     Stated at   Current Rates   Historical Rates Accounts receivable−current $ 310,000     $ 324,000   Accounts receivable−long term   150,000       167,000   Prepaid insurance   90,000       98,000   Goodwill   115,000       121,000   Totals $ 665,000     $ 710,000     If the U.S. dollar is the functional currency of this subsidiary, what total amount should be included in Crater’s balance sheet in U.S. dollars?                         A)    $688,000.                        B)    $696,000.            C)    $710,000.            D)    $665,000.            E)    $679,000.

Certаin bаlаnce sheet accоunts оf a fоreign subsidiary of the Crater Co. had been stated in U.S. dollars as follows:     Stated at   Current Rates   Historical Rates Accounts receivable−current $ 310,000     $ 324,000   Accounts receivable−long term   150,000       167,000   Prepaid insurance   90,000       98,000   Goodwill   115,000       121,000   Totals $ 665,000     $ 710,000     If the U.S. dollar is the functional currency of this subsidiary, what total amount should be included in Crater’s balance sheet in U.S. dollars?                         A)    $688,000.                        B)    $696,000.            C)    $710,000.            D)    $665,000.            E)    $679,000.

Certаin bаlаnce sheet accоunts оf a fоreign subsidiary of the Crater Co. had been stated in U.S. dollars as follows:     Stated at   Current Rates   Historical Rates Accounts receivable−current $ 310,000     $ 324,000   Accounts receivable−long term   150,000       167,000   Prepaid insurance   90,000       98,000   Goodwill   115,000       121,000   Totals $ 665,000     $ 710,000     If the U.S. dollar is the functional currency of this subsidiary, what total amount should be included in Crater’s balance sheet in U.S. dollars?                         A)    $688,000.                        B)    $696,000.            C)    $710,000.            D)    $665,000.            E)    $679,000.

Certаin bаlаnce sheet accоunts оf a fоreign subsidiary of the Crater Co. had been stated in U.S. dollars as follows:     Stated at   Current Rates   Historical Rates Accounts receivable−current $ 310,000     $ 324,000   Accounts receivable−long term   150,000       167,000   Prepaid insurance   90,000       98,000   Goodwill   115,000       121,000   Totals $ 665,000     $ 710,000     If the U.S. dollar is the functional currency of this subsidiary, what total amount should be included in Crater’s balance sheet in U.S. dollars?                         A)    $688,000.                        B)    $696,000.            C)    $710,000.            D)    $665,000.            E)    $679,000.

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Tags: Accounting, Basic, qmb,

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