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On January 1, 2021, Alpine Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. Exchange rates are:
On January 1, 2021, Alpine Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. Exchange rates are: Dollars Swiss Francs per Swiss Franc per Dollar January 1, 2011 $0.7000 SF 1.4286 December 31, 2011 $0.7300 SF 1.3799 Average for 2011 $0.7350 SF 1.3605 Dividend declaration and payment date $0.7315 SF 1.3671 Worksheet. For Swiss Franc as the functional currency. Swiss Income Statement-2021 Revenue Operating expenses: depreciation Francs Exchange Rate U.S. Dollars 100,000 (5,000) Operating expenses: other (25,000) Net income 70,000 Statement of Changes in Retained Earnings Retained earnings, 1/1/21 Net income Dividends Retained earnings, 12/31/21 Balance Sheet,-12/31/21 10,000 70,000 (15,000) 65,000 Cash and receivables 45,000 Net property, plant, equipment 72,000 Total assets 117,000
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