Quadros Inc., a Portuguese firm was acquired by a U.S. company on January 1, 2020. Selected account balances are available for the year ended December 31, 2021, and are stated in Euro, the local currency. Relevant exchange rates for 1 Euro are given below:
Assume the functional currency is the U.S. Dollar; compute the U.S. statement of retained earnings amount for dividends for 2021.

Question

Quadros Inc., a Portuguese firm was acquired by a U.S. company on January 1, 2020. Selected account balances are available for the year ended December 31, 2021, and are stated in Euro, the local currency.  Relevant exchange rates for 1 Euro are given below:
 Assume the functional currency is the U.S. Dollar; compute the U.S. statement of retained earnings amount for dividends for 2021.

Quizplus · Accepted Answer

The Answer of Quadros Inc., a Portuguese firm was acquired by a U.S. company on January 1, 2020. Selected account balances are available for the year ended December 31, 2021, and are stated in Euro, the local currency.  Relevant exchange rates for 1 Euro are given below:
 Assume the functional currency is the U.S. Dollar; compute the U.S. statement of retained earnings amount for dividends for 2021.