Churchill Enterprises, a subsidiary of Roosevelt Company based in New York, reported the following information at the end of its first year of operations (all in British pounds): assets--338,000; expenses--360,000; liabilities--101,000; capital stock--80;000, revenues--517,000. Relevant exchange rates are as follows:

As a result of the translation process, what amount is recorded on the financial statements as the translation adjustment?

Question

Churchill Enterprises, a subsidiary of Roosevelt Company based in New York, reported the following information at the end of its first year of operations (all in British pounds) : assets--338,000; expenses--360,000; liabilities--101,000; capital stock--80;000, revenues--517,000. Relevant exchange rates are as follows:

As a result of the translation process, what amount is recorded on the financial statements as the translation adjustment?

Quizplus · Accepted Answer

The Answer of Churchill Enterprises, a subsidiary of Roosevelt Company based in New York, reported the following information at the end of its first year of operations (all in British pounds): assets--338,000; expenses--360,000; liabilities--101,000; capital stock--80;000, revenues--517,000. Relevant exchange rates are as follows:

As a result of the translation process, what amount is recorded on the financial statements as the translation adjustment?

Churchill Enterprises, a Subsidiary of Roosevelt Company Based in New