ROS Inc is located in Switzerland ROS, whose currency is the Swiss franc (SF), is wholly owned by CRO Ltd Its functional currency is the SF The summarized balance sheet for ROS at December 31, 2013, was as follows Monetary assets SF 100,000 Non monetary assets 200,000 SF 300,000 Monetary liabilitie...

This is a translation from a functional currency to a presentation curren ...

ROS Inc. is located in Switzerland. ROS, whose currency is the Swiss franc (SF), is wholly owned

Question:

ROS Inc. is located in Switzerland. ROS, whose currency is the Swiss franc (SF), is wholly owned by CRO Ltd. Its functional currency is the SF. The summarized for ROS at December 31, 2013, was as follows:
Monetary assets ......... SF 100,000
Non-monetary assets ....... 200,000
SF 300,000
Monetary liabilities ........ SF 190,000
Non-monetary liabilities ...... 30,000
Shareholders’ equity ...... 80,000
SF 300,000
None of the non-monetary assets or liabilities are reported at market value.
Required
What is the exchange gain or loss in Canadian dollars for ROS on January 1, 2014, if the changes from SF 1 = C$1.50 to SF 1 = C$1.52 and this is the only event affecting ROS for that day?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...