Login

Pencil Company acquired a foreign subsidiary, Sharpie Company, on December 31,20x1. ...

50.1K

Verified Solution

Question

Accounting

Pencil Company acquired a foreign subsidiary, Sharpie Company, on December $31, 20$ x $1 .$

Assume that Sharpie Company is a self $-$ sustaining subsidiary. Pencil is translating Sharpie's financial statements at December $31, 20$ x $2 .$ Foreign exchange rates are as follows:

December $31, 20$ x $1 1$ Euro $=$ $ $1.19$

December $31, 20$ x $2 1$ Euro $=$ $ $1.31$

Average for $20$ x $2 1$ Euro $=$ $ $1.25$

June $1, 20$ x $2 1$ Euro $=$ $ $1.23$

September $30, 20$ x $2 1$ Euro $=$ $ $1.35$

Provide the following translated balance in Canadian dollars at December $31, 20$ x $2$ for:

Account $($ FCU $) 20$ x $2 20$ x $1$

Common Shares $15, 000 13, 000$

Common shares were issued on June $1, 20$ x $2$

Do not include commas, dollar signs, negative signs or decimals in your response. Round to the nearest whole dollar.

Answer & Explanation Solved by verified expert

answer-section

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Other questions asked by students

Basic Math

1.2K views

6 A 25 8 Find the chromatic number of the graph and color the graph...

Basic Math

1.2K views

4 points S r basketball team has two coaches Coach Mike and Coach Brian Coach...

Accounting

1.2K views

Financial Statement Disclosure: International Clothiers Ltd. has offices in Canada, Bermuda, Europe and the United States. Each...

Biology

1.2K views

Name the primary tissue type (epithelial, connective, muscle, or nervous) that is described.1. Cells contain...

Calculus

1.2K views

C Problem 70 Summarize the pertinent information as in previous problem obtained by applying the...

Accounting

1.2K views

An investment firm wants to determine its investment strategy for the next 3 years. Investment...

Accounting

1.2K views

Exercise 24-10(Algo) Net present value, unequal cash flows, and profitability index LO...

Accounting

1.2K views

The balance sheet for Alpha Corporation follows: Required: Compute the debt-to-assets and debt-to-equity ratios using...

Accounting

1.2K views

During the year, X Company produced and sold 60,100 units of one of its products....

Accounting

1.2K views

Required information [The following information applies to the questions displayed below.] Drs....

Accounting

1.2K views

If you found yourself in the 91 percent income tax bracket in 1951, how great...

Finance

1.2K views

moody corporations bond have a 15 year maturity a 7.25% coupon paid semiannually and a...

1 Answer

$0.99

~~$1.99~~

(Save $1 )

One time Pay

No Ads
Answer to 1 Question
Get free Zin AI - 50 Thousand Words per Month

Best

Unlimited

$4.99*

~~$9.99~~

(Save $5 )

Billed Monthly

No Ads
Answers to Unlimited Questions
Get free Zin AI - 3 Million Words per Month

*First month only

Free

$0

Get this answer for free!
Sign up now to unlock the answer instantly

You can see the logs in the Dashboard.

Sign In

Don't have an account? Sign Up