Evaluate what is the total value of assets

Assignment Help Financial Accounting

Reference no: EM1374913

That US parent company ABC has a subsidiary XYZ in Outer Mongolia. XYZ's total assets are as follows in Mongolian marks:

•cash and receivables 500,000
•fixed assets (net) 900,000
•inventory 500,000

The relevant exchange rates are:
•OMM 1.5500 exchange rate when the fixed assets were acquired
•OMM 1.6800 closing rate on the balance sheet date
•OMM 1.6600 average exchange rate when ending inventory was acquired
•OMM 1.6300 average exchange rate for the period

Evaluate what is the total value of assets if the functional currency is the Outer Mongolian mark?

a. $1,130,952
b. $1,175,883
c. $1,179,469
d. $1,185,012

Reference no: EM1374913

Questions Cloud

Prepare a memo to stacey explaining the tax consequences : Prepare a memo to Stacey explaining the tax consequences of the incorporation. As part of your memo examine the possibility of having the corporation issue preferred and common stock and debt for the shareholders' property and money.

Microeconomic based multiple choice questions : farmers to lose fund since the demand for food is inelastic meaning the price refuse proportionally faster than increase in quantity sold.

Prepare a schedule showing the income statement : Prepare a schedule showing the income statement effects for the year ended 31st December, 2012 as a result of the above facts.

Db reproduces the most critical stage of your research : Your DB reproduces the most critical stage of your research as it distils your data and allows you to explore the meaning of the data

Evaluate what is the total value of assets : That US parent company ABC has a subsidiary XYZ in Outer Mongolia. XYZ's total assets are as follows in Mongolian marks and evaluate what is the total value of assets if the functional currency is the Outer Mongolian mark?

What does management efficiency mean : What does management efficiency mean? How can one be operative in his management practice and reflect in the process and people around him in the business?

Inspect the balance sheet and income statement : Review your SEC 10-K report and inspect the balance sheet, income statement, and notes to the financial statements. Search for terms such as "Pension" and "Retirement". Relate the topics in our textbook to your company (United Health Group)

Deliberate philosophies better than the other : Deliberate whether or not Neoforma fits into one of these philosophies better than the other, or can both be invoked when trying to understand this company.

Macroeconomic based multiple choice questions : Assume that the working age population in Tiny Town is one hundred people. If 25 of these people are not in the labor force,

User Account

All Pages