A foreign subsidiary of Dallas Jeans Corp. (a U.S. firm) has certain balance sheet accounts on December 31, 20X9. The functional currency and currency of record is the peso and the parent's books are kept in U.S. dollars. Information relating to these accounts in U.S. dollars is as follows: What amount should be included as total assets on Dallas Jean's balance sheet on December 31, 20X9 as the result of the above information?
A)$645,000
B)$765,000
C)$770,000
D)$785,000

Question

A foreign subsidiary of Dallas Jeans Corp. (a U.S. firm) has certain balance sheet accounts on December 31, 20X9. The functional currency and currency of record is the peso and the parent's books are kept in U.S. dollars. Information relating to these accounts in U.S. dollars is as follows:  What amount should be included as total assets on Dallas Jean's balance sheet on December 31, 20X9 as the result of the above information?
A)$645,000 
B)$765,000 
C)$770,000 
D)$785,000

Quizplus · Accepted Answer

The financial statements should be restated using the current method. 11eb11de_92c9_9b89_ad38_7b8d16cee0cf_TB2014_00

A Foreign Subsidiary of Dallas Jeans Corp