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I need fast please 600,000 Inventory Other Assets 800,000 1,880,000 Translation adjust Total Assets: 3,830,000 330,000 Liabilities & Owners' Equity: Accounts payable Long term debt
I need fast please
600,000 Inventory Other Assets 800,000 1,880,000 Translation adjust Total Assets: 3,830,000 330,000 Liabilities & Owners' Equity: Accounts payable Long term debt Capital stock 2,000,000 1,000,000 Retained earnings 500,000 Total Liab. & Equity 3,830,000 Additional Information: 1 Exchange rate when inventory was purchased and long term debt was acquired on January 15, 2017 was $1.33. 2 Dividends were declared and paid when the exchange rate was 1 Euro = $1.27. 3 Average exchange rate for the month of December was 1 Euro = $1.26 4- Exchange rates for the Euro year 2017 were as follows: Average exchange rates for year 2017 $1.30 Additional Information: 1 Exchange rate when inventory was purchased and long term debt was acquired on Jan 2017 was $1.33. 2 Dividends were declared and paid when the exchange rate was 1 Euro = $1.27. 3 Average exchange rate for the month of December was 1 Euro = $1.26 4 Exchange rates for the Euro year 2017 were as follows: Average exchange rates for year 2017 $1.30 Current spot exchange rate (on December 31) $1.25 CLO 6 Required: Prepare translated financial statements for year 2017, Recording NASA Corporation (an American corporation) formed a wholly owned subsidiary Italco Company (Italian) on January 1, 2017, when the exchange rate was 1 Euro(a) = $1.35. The following are the financial statements of the Italco Company (the functional currency is Euro) Income Statement 31/12/2017 Euro () Sales revenues 8,000,000 (6,000,000) COGS Gross profit 2,000,000 -Operating Expenses (900,000) Income before taxes 1,100,000 Income taxes (275,000) Net Income 825,000 Balance Sheet at 31/12/2017Step by Step Solution
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