Westmore, Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is the pound sterling. The following exchange rates were in effect during 2011:$\begin{array}{lrl}
\text { Jan. } 1 & £ .1=\$ 1.60 \
\text { June } 30 & £ .1=\$ 1.64 \
\text { Dec. } 31 & £ .1=\$ 1.61\
\text { Weighted average rate for the year }& £ .1=\$ 1.59\
\end{array}$
-On December 31,2011,Westmore had accounts receivable of £280,000.What amount (rounded)would have been included for this subsidiary in calculating consolidated accounts receivable?
A)$173,913.
B)$176,100.
C)$445,200.
D)$448,000.
E)$450,800.

Question

Westmore, Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is the pound sterling. The following exchange rates were in effect during 2011:$\begin{array}{lrl}
\text { Jan. }  1 & £ .1=\$ 1.60 \
\text { June }  30 & £ .1=\$ 1.64 \
\text { Dec. }  31 & £ .1=\$ 1.61\
\text { Weighted average rate for the year }& £ .1=\$ 1.59\
\end{array}$
-On December 31,2011,Westmore had accounts receivable of £280,000.What amount (rounded)would have been included for this subsidiary in calculating consolidated accounts receivable?
A)$173,913.
B)$176,100.
C)$445,200.
D)$448,000.
E)$450,800.

Quizplus · Accepted Answer

The Answer of  Westmore, Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is the pound sterling. The following exchange rates were in effect during 2011:$\begin{array}{lrl}
\text { Jan. }  1 & £ .1=\$ 1.60 \
\text { June }  30 & £ .1=\$ 1.64 \
\text { Dec. }  31 & £ .1=\$ 1.61\
\text { Weighted average rate for the year }& £ .1=\$ 1.59\
\end{array}$
-On December 31,2011,Westmore had accounts receivable of £280,000.What amount (rounded)would have been included for this subsidiary in calculating consolidated accounts receivable?
A)$173,913.
B)$176,100.
C)$445,200.
D)$448,000.
E)$450,800.

Westmore, Ltd -On December 31,2011,Westmore Had Accounts Receivable of £280,000