User Account

All Pages

What is the translation amount

Assignment Help Financial Accounting
Reference no: EM13508583

Suppose that on January 1, American Golf's Mexico subsidiary, Golf de Mexico , had a balance sheet that showed current assets of Mex$1 million; current liabilities of Mex$300,000; total assets of Mex$2.5 million; and total liabilities of Mex$900,000. On December 31, Golf de Mexico's balance sheet in pesos was unchanged from the figures given above, but the peso had declined in value from $0.1270 at the start of the year to $0.1180 at the end of the year. Under FASB-52, what is the translation amount to be shown on American Golf's equity account for the year if the peso is the functional currency? How would your answer change if the dollar were the functional currency?

Reference no: EM13508583

Questions Cloud

Dynamics between social institutions and the dominant groups : What social instituitions do you believe are the most important for a dominant group to control in order to maintain their dominance? Analyze the dynamics between social institutions and the dominant groups desire for power in society.
Piece-rate system : During the first week in November, Erin Mills worked 45 ½ hours and produced 1,275 units under a piece-rate system. The regular piece rate is $0.35 a unit. Mills is paid overtime according to the FLSA ruling for overtime work under piece-rate s..
How would international structure the hedge : How would International structure the hedge? What would it do to hedge the Japanese yen it must pay in six months? The annual yen interest rate is 4%.
Discuss the importance of finding balance in life : Discuss the importance of finding balance in life. Identify one way that you might achieve better balance in your life.
What is the translation amount : what is the translation amount to be shown on American Golf's equity account for the year if the peso is the functional currency? How would your answer change if the dollar were the functional currency?
The kl partnership is owned equally by kayla : The KL Partnership is owned equally by Kayla and Lisa. Kayla's basis is $20,000 at the beginning of the tax year. Lisa's basis is $16,000 at the beginning of the year
Where would these translation gains or losses show up : At the current spot rate of $0.21/NKr, calculate Halon Norway's accounting exposure under the current/noncurrent, monetary/nonmonetary, temporal, and current rate methods.
Find the frictional torque with respect to an axis : As a bowling ball of radius 14.0 cm rolls down the alley to the right, a frictional force of magnitude 1.22 N, Find the frictional torque with respect to an axis through the center of the ball
What the amount and character of the gain or loss : Peg sold a machine this year for $48,000. Peg purchased the same machine for $53,000 a couple years ago and claimed a total of $11,500 of depreciation expense on the machine. What's the amount and character of the gain or loss?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Explain how much of the gain must the corporation include

Explain how much of the gain must the corporation include in ordinary income as depreciation recapture

  What effect will the cash dividend declaration

Prepare the stockholders' equity section of Dora Corporation's balance sheet on May 31, 2011. Net income earned during the first quarter was $15,000. What effect, if any, will the cash dividend declaration?

  Implications of a financial accounting standards

Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.

  On 1st january 2011 piper co issued 10-year bonds with a

on 1st january 2011 piper co. issued 10-year bonds with a face value of 1000000 and a stated interest rate of 10

  Question kinkaid co is incorporated at the starting of this

question kinkaid co. is incorporated at the starting of this year and engages in a number of transactions. the given

  Calculate the credit for child and dependent care expenses

During the year, they spend $7,000 for child care expenses that are required so both of them can work outside of the home. Calculate the credit for child and dependent care expenses.

  Jan receives no reimbursement from her employer jan has an

jan receives no reimbursement from her employer. jan has an agi for year of 50000 and no other itemized deductions. if

  Module 11 what are the maturities on intels long-term debt2

module 11 what are the maturities on intels long-term debt?2 what are intels projected obligations on long-term debt

  Illustrate what should be the adjusted balance of allowance

During 2011, $37,500 of uncollectible accounts receivable were written off. Past experience indicates that 3% of net credit sales become uncollectible. Illustrate what should be the adjusted balance of Allowance for Doubtful Accounts at December ..

  Purpose a complete single-step income statement

Purpose a complete single-step income statement for the company and multiple-step income statement for the company (including gross margin, pretax income, and earnings per share)

  Determine of firm''s dollar growth in dollars

What was the clinic's dollar growth in assets during 2007, and how was the growth financed and Determine of Firm's Dollar Growth in dollars

  Discuss other two types of misstatements

When testing the occurrence objective for sales, the auditor is concerned with the possibility of three types of misstatements. One type is sales being included in the journal for which no shipment was made. Discuss other two types of misstatement..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd