Northern Metalworks, Inc., purchased Canadian Metal Products, a Canadian company, on January 4, 2011. On the date of purchase, the exchange rate for 1 Canadian dollar was U.S. $0.79. Canadian Metal Products balance sheet on the date of purchase is shown below:

Required:
Prepare a translated balance sheet as of January 4, 2011.

Question

Northern Metalworks, Inc., purchased Canadian Metal Products, a Canadian company, on January 4, 2011. On the date of purchase, the exchange rate for 1 Canadian dollar was U.S. $0.79. Canadian Metal Products balance sheet on the date of purchase is shown below:
  
Required:
Prepare a translated balance sheet as of January 4, 2011.

Quizplus · Accepted Answer

The Answer of Northern Metalworks, Inc., purchased Canadian Metal Products, a Canadian company, on January 4, 2011. On the date of purchase, the exchange rate for 1 Canadian dollar was U.S. $0.79. Canadian Metal Products balance sheet on the date of purchase is shown below:
  
Required:
Prepare a translated balance sheet as of January 4, 2011.