This subsidiarys functional currency is the U.S. dollar. What total should Orchids balance sheet include for the
Question:
This subsidiary’s functional currency is the U.S. dollar. What total should Orchid’s balance sheet include for the preceding items?
a. $430,000
b. $435,000
c. $440,000
d. $450,000
Certain balance sheet accounts of a foreign subsidiary of Orchid Company have been stated in U.S. dollars as follows:
Transcribed Image Text:
Stated at Current Rates Historical Rates $200,000 $220,000 Accounts receivable, current Accounts receivable, long term 100,000 110,000 Land 50,000 55,000 Patents 80,000 85,000 $430,000 $470,000
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