{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T07:00:10-04:00", "answer_date": "2024-05-26 07:00:10", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1725557", "url": "\/study-help\/questions\/translation-and-remeasurement-of-account-balances-us-industries-has-a-1725557", "question_creation_date_js": "2024-05-26T07:00:10-04:00", "question_creation_date": "May 26, 2024 07:00 AM", "meta_title": "[Solved] Translation and Remeasurement of Account | SolutionInn", "meta_description": "Answer of - Translation and Remeasurement of Account Balances U.S. Industries has a subsidiary in Switzerland. The subsidiary's fi | SolutionInn", "meta_keywords": "translation,remeasurement,account,balances,s,industries,subsidiary,switzerland,financial,statements,maintained,swiss", "question_title_h1": " Translation and Remeasurement of Account Balances U.S. Industries has a subsidiary in Switzerland. The subsidiary's financial statements are maintained in Swiss francs (CHF). Exchange", "question_title": " Translation and Remeasurement of Account Balances U.S. Industries has a subsidiary", "question_title_for_js_snippet": "Translation and Remeasurement of Account Balances U S Industries has a subsidiary in Switzerland The subsidiary's financial statements are maintained in Swiss francs (CHF) Exchange rates (S CHF) for selected dates are as follows January 1, 2021 $1 02 November 30, 2023 $1,10 January 1, 2022 1 04 December 31, 2023 1 12 Average for 2023 1 15 The following items appear in the subsidiary's trial balance at December 31, 2023 1 Cash in bank, CHF4,000,000 2 Inventory, CHF3,000,000 The inventory was acquired on November 30, 2023 3 Machinery and equipment, CHF12,000,000 A review of the records indicates that the company bought equipment costing CHF5,000,000 on January 1, 2021 and additional equipment costing CHF7,000,000 on January 1, 2022 Ignore accumulated depreciation 4 Depreciation expense on machinery and equipment, CHF1,200,000 (depreciated over ten years, straight line basis) Required Calculate the dollar amount for each of the above items, assuming the functional currency of the Swiss subsidiary is (a) the U S dollar and (b) the Swiss franc Enter answers using all zeros (do not abbreviate to millions or thousands) Cash $ Inventory $ (a) 4,480,000 3,300,000 $ (b) $ 4,480,000 3,360,000 Machinery and equipment $ 11,360,000 $ 13,440,000 Depreciation expense $ 1,136,000 $ 1,380,000 Check", "question_description": "\"image", "transcribed_text": "Translation and Remeasurement of Account Balances U.S. Industries has a subsidiary in Switzerland. The subsidiary's financial statements are maintained in Swiss francs (CHF). Exchange rates (S\/CHF) for selected dates are as follows: January 1, 2021 $1.02 November 30, 2023 $1,10 January 1, 2022 1.04 December 31, 2023 1.12 Average for 2023 1.15 The following items appear in the subsidiary's trial balance at December 31, 2023: 1. Cash in bank, CHF4,000,000. 2. Inventory, CHF3,000,000. The inventory was acquired on November 30, 2023. 3. Machinery and equipment, CHF12,000,000. A review of the records indicates that the company bought equipment costing CHF5,000,000 on January 1, 2021 and additional equipment costing CHF7,000,000 on January 1, 2022. Ignore accumulated depreciation. 4. Depreciation expense on machinery and equipment, CHF1,200,000 (depreciated over ten years, straight-line basis). Required Calculate the dollar amount for each of the above items, assuming the functional currency of the Swiss subsidiary is (a) the U.S. dollar and (b) the Swiss franc. Enter answers using all zeros (do not abbreviate to millions or thousands). Cash $ Inventory $ (a) 4,480,000 3,300,000 $ (b) $ 4,480,000 3,360,000 Machinery and equipment $ 11,360,000 $ 13,440,000 Depreciation expense $ 1,136,000 * $ 1,380,000 Check", "related_book": { "title": "Advanced Accounting", "isbn": "1618531514, 978-1618531513", "edition": "3rd Edition", "authors": "Susan S. Hamlen", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/2021\/10\/6169885672c53_134616988564c6c3.jpg", "uri": "\/textbooks\/advanced-accounting-3rd-edition-978-1618531513", "see_more_uri": "\/textbooks\/business-managerial-accounting-3285" }, "free_related_book": { "isbn": "979-8403020657", "uri": "\/textbooks\/the-teeth-in-the-tide-extended-edition-with-bonus-scenes-1st-edition-979-8403020657-97589", "name": "The Teeth In The Tide Extended Edition With Bonus Scenes", "edition": "" }, "question_posted": "2024-05-26 07:00:10", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/question-2-consider-the-market-for-florida-oranges-the-demand-701735", "description": "Question 2: Consider the market for Florida oranges. The demand for Florida oranges is given by the inverse demand function p = 70-2Q The market cost function for firms that sell Florida oranges is...", "stars": 3 }, { "url": "\/how-is-an-extranet-different-from-the-internet", "description": "How is an extranet different from the Internet?", "stars": 3 }, { "url": "\/study-help\/customer-relationship-management\/what-is-a-value-delivery-network-1771027", "description": "What is a value delivery network?", "stars": 3 }, { "url": "\/study-help\/psychology\/3-model-strategies-for-students-talk-about-how-you-handle-1984665", "description": "3. Model strategies for students. Talk about how you handle anger, disappointment, or anxiety.", "stars": 3 }, { "url": "\/on-february-12-2004-nancy-trout-and-delores-lake-formed", "description": "On February 12, 2004, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows. \u00a2 Kingfisher's...", "stars": 3 }, { "url": "\/study-help\/questions\/your-small-toy-manufacturing-facility-has-the-following-information-break-9851529", "description": "Your small toy manufacturing facility has the following information: Break Even is defined as Revenue = Total Cost What is the quantity of toys that must be sold to break even", "stars": 3 }, { "url": "\/study-help\/questions\/1-journalize-each-of-the-following-transactions-2-prepare-a-508101", "description": "1. Journalize each of the following transactions 2. Prepare a schedule to show division of partnership income at the end of 2016, 2017 and 2018 3. Show your work as needed to record the admission or...", "stars": 3 }, { "url": "\/study-help\/questions\/you-are-to-start-a-new-job-earning-10-000-7778450", "description": "You are to start a new job earning $10 000 \/ month, plus allowances to the sum of $2300.00\/month. You are on contract for 3 years after which a review will be done to determine your progress. You are...", "stars": 3 }, { "url": "\/study-help\/questions\/federal-holdings-consumes-about-72000-kg-of-flour-per-year-1007132", "description": "Federal Holdings consumes about 72,000 kg of flour per year. The company is open 360 days a year. The ordering cost is RM15 per order and the supplier will deliver the order in 3 days. To overcome...", "stars": 3 }, { "url": "\/study-help\/questions\/utilize-this-assignment-to-explore-career-options-in-the-field-1007072", "description": "Utilize this assignment to explore career options in the field of an \"Human Resource Director.\" Please type at least one page in length about an Human Resource Director. Make sure your response...", "stars": 3 }, { "url": "\/study-help\/questions\/lakisha-and-zara-are-partners-in-a-small-suburban-law-1007532", "description": "Lakisha and Zara are partners in a small suburban law office. They want to determine who should deal with employment contracts. Lakisha can write a will in three hours, or an employment contract in...", "stars": 3 }, { "url": "\/study-help\/questions\/chronos-watches-ltd-the-company-designs-and-builds-specialty-time-1003672", "description": "Chronos Watches Ltd. The company designs and builds specialty time pieces. The following data is from the Assembly department for the most recent month. Watches Direct Materials $ % Direct Labour $ %...", "stars": 3 }, { "url": "\/study-help\/questions\/read-the-case-mcdonalds-corporation-discuss-the-following-four-4-1006981", "description": "Read the case McDonald's Corporation. Discuss the following four (4) questions: How are customer tastes changing in the fast-food industry? What impact do these changes have on McDonald's? What are...", "stars": 3 }, { "url": "\/study-help\/questions\/companies-that-have-preferred-stock-outstanding-promise-to-pay-a-8427186", "description": "Companies that have preferred stock outstanding promise to pay a stated dividend for an infinite period. Preferred stock is treated like a perpetuity if the payments last forever. Preferred stocks...", "stars": 3 }, { "url": "\/study-help\/college-algebra-graphs-and-models\/subtract-the-polynomials-xx5-xx-5", "description": "Subtract the polynomials. (-x+x-5) - (x-x + 5)", "stars": 3 }, { "url": "\/study-help\/principles-of-marketing\/explain-what-is-meant-by-a-marketing-channel-of-distribution-1684223", "description": "Explain what is meant by a marketing channel of distribution and why intermediaries are needed. LO.1", "stars": 3 }, { "url": "\/study-help\/financial-markets\/520-the-expected-return-of-the-sp-500-which-you-1684222", "description": "5.20. The expected return of the S&P 500, which you can assume is the tangency portfolio, is 16% and has a standard deviation of 25% per year. The expected return of Microsoft is unknown, but it has...", "stars": 3 }, { "url": "\/study-help\/financial-markets\/519-there-exists-a-portfolio-p-whose-expected-return-is-1684221", "description": "5.19. There exists a portfolio P, whose expected return is 11%. Stock I has a covariance with P of .004, and Stock II has a covariance with P of .005. If the expected returns on Stocks I and II are...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/a-printing-manufacturer-sells-inks-to-its-customers-in-4-1725556", "next": "\/study-help\/questions\/use-the-information-provided-below-to-prepare-the-cash-flow-1725558" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " Translation and Remeasurement of Account Balances U.S. Industries has a subsidiary", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/translation-and-remeasurement-of-account-balances-us-industries-has-a-1725557" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }