Oscar, Ltd. is a British subsidiary of a U.S. company. Oscar's functional currency is the pound sterling (£). The following exchange rates were in effect during 2021: On December 31, 2021, Oscar had accounts receivable of £300,000. What amount (rounded) would have been included for this subsidiary in calculating consolidated accounts receivable?
A) $187,500.
B) $192,308.
C) $474,000.
D) $468,000.
E) $480,000.

Question

Oscar, Ltd. is a British subsidiary of a U.S. company. Oscar's functional currency is the pound sterling (£). The following exchange rates were in effect during 2021:  On December 31, 2021, Oscar had accounts receivable of £300,000. What amount (rounded) would have been included for this subsidiary in calculating consolidated accounts receivable?
A) $187,500. 
B) $192,308. 
C) $474,000. 
D) $468,000. 
E) $480,000.

Quizplus · Accepted Answer

The Answer of Oscar, Ltd. is a British subsidiary of a U.S. company. Oscar's functional currency is the pound sterling (£). The following exchange rates were in effect during 2021:  On December 31, 2021, Oscar had accounts receivable of £300,000. What amount (rounded) would have been included for this subsidiary in calculating consolidated accounts receivable?
A) $187,500. 
B) $192,308. 
C) $474,000. 
D) $468,000. 
E) $480,000.