1- Which of the following rates would be used to translate Paint's income statement items?...
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Accounting
1- Which of the following rates would be used to translate Paint's income statement items?
Multiple Choice
US$1 = CDN$1.35
US$1 = CDN$1.37
US$1 = CDN$1.36
US$1 = CDN$1.345
2- Which of the following rates would be used to translate Paint's retained earnings at the start of the year (January 1, 2023)?
Multiple Choice
US$1 = CDN$1.35
US$1 = CDN$1.37
US$1 = CDN$1.36
US$1 = CDN$1.345
3- Which of the following rates would be used to translate Paint's dividends declared during the year?
Multiple Choice
US$1 = CDN$1.35
US$1 = CDN$1.37
US$1 = CDN$1.36
US$1 = CDN$1.345
4- Which of the following rates would be used to translate Paint's assets and liabilities?
Multiple Choice
US$1 = CDN$1.35
US$1 = CDN$1.375
US$1 = CDN$1.36
US$1 = CDN$1.345
5- Which of the following rates would be used to translate Paint's common shares?
Multiple Choice
US$1 = CDN$1.35
US$1 = CDN$1.375
US$1 = CDN$1.36
US$1 = CDN$1.345
6- What is the amount of the gain or loss arising from translation?
Multiple Choice
A CDN$42,000 loss.
A CDN$42,000 gain.
A CDN$42,500 gain.
A CDN$7,000 loss.
7- Which of the following rates would be used to translate Paint's sales?
Multiple Choice
US$1 = CDN$1.35
US$1 = CDN$1.37
US$1 = CDN$1.36
US$1 = CDN$1.345
8- Which of the following rates would be used to translate Paint's depreciation expense for the year?
Multiple Choice
US$1 = CDN$1.35
US$1 = CDN$1.37
US$1 = CDN$1.36
Rate not provided.
9- Which of the following rates would be used to translate Paint's bond interest expense for the year?
Multiple Choice
US$1 = CDN$1.35
US$1 = CDN$1.37
US$1 = CDN$1.36
US$1 = CDN$1.345
10- Which of the following rates would be used to translate Paint's other expenses?
Multiple Choice
US$1 = CDN$1.35
US$1 = CDN$1.37
US$1 = CDN$1.36
US$1 = CDN$1.345
Required information Art Inc. (Art), a Canadian company, has one wholly owned American subsidiary called Paint It Ltd. (Paint) based in Los Angeles, California, which was acquired January 1, 2023. Paint submitted its financial statements for 2023 to Art. Selected exchange rates in effect throughout 2023 are shown below: Paint's financial results for 2023 were as follows: Paint Financial Statements at December 31, 2023 (in U.S. dollars) Paint Financial Statements at December 31, 2023 (in U.S. dollars) Other information: - Sales, purchases, bond interest, and other expenses occurred evenly throughout the year. - Paint's functional currency is the U.S. dollar
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