Certain balance sheet accounts of a foreign subsidiary of Orchid Company have been stated in U. S. dollars as follows:
Stated at Current Rates Historical Rates
Accounts receivable, current $ 215,000 $ 235,000 '
Accounts receivable, long term 118,000 125,000
Land 59,000 63,000
Patents 89,000 94,000
Total 481,000 517,000
1. This subsidiary's functional currency is the U. S. dollar. What total should Orchid's balance sheet include for the preceding items?
2. This subsidiary's functional currency is foreign currency. What total should Orchid's balance sheet include for the preceding items?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Certain balance sheet accounts of a foreign subsidiary of Orchid Company have been stated in U. S. dollars as follows: Stated at Current ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A stock is trading at $50. You believe there is a 60% chance the price of the stock will increase by 10% over the next 3 months.
Answers (1)
What are the pros and cons of relocating a small or midsized manufacturing firm (that makes mature products) from the united states to china?
Answers (1)
An account that would be increased by a debit is A. cash. B. fees earned. C. capital.
Answers (1)
An insurance company estimates that it should make an annual profit of $150 on each homeowners policy written, with a standard deviation of $6000. a) Why is the standard deviation so large
Answers (1)
Paulson Company began the year with retained earnings of $500,000. During the year, the company issued $720,000 of common stock, recorded expenses of $2,000,000, and paid dividends of $80,000.
Answers (1)
New Questions in Business
At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000. During the year, the company reported total revenues of $226,000 and expenses of $175,000.
Answers (1)
Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end. With this omission, the company's summary financial statements were stated as follows:Summarized Income StatementSales $50,000,000All Cost (incl.
Answers (1)
Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $8,600 (that had cost $6,355) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.
Answers (1)
G. R. Edwin Inc. had sales of $6.02 million during the past year. The cost of goods sold amounted to $3.06 million. Operating expenses totaled $2.65 million, and interest expense was $27 comma 000.
Answers (1)
During the year, Calabash Clinic made a $50,000 cash payment toward its bank loan, which it had previously recorded; $40,000 was for principal, and $10,000 was to pay the full amount of interest due.
Answers (1)