Matching
A foreign subsidiary was acquired on January 1, 2013. Determine the exchange rate used to restate the following accounts at December 31, 2013. Land was purchased on October 1, 2013. Relevant exchange dates follow:
Premises:
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Retained earnings.
Retained earnings.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Retained earnings.
Retained earnings.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Land.
Land.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Common stock.
Common stock.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Common stock.
Common stock.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Land.
Land.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Bonds payable.
Bonds payable.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Bonds payable.
Bonds payable.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Equipment.
Equipment.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Equipment.
Equipment.
Responses:
January 1, 2013
October 1, 2013
December 31, 2013
Average, 2013
Composite, using multiple dates.
Correct Answer:
Premises:
Responses:
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Retained earnings.
Retained earnings.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Retained earnings.
Retained earnings.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Land.
Land.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Common stock.
Common stock.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Common stock.
Common stock.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Land.
Land.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Bonds payable.
Bonds payable.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Bonds payable.
Bonds payable.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Equipment.
Equipment.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Equipment.
Equipment.
Premises:
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Retained earnings.
Retained earnings.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Retained earnings.
Retained earnings.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Land.
Land.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Common stock.
Common stock.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Common stock.
Common stock.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Land.
Land.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Bonds payable.
Bonds payable.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Bonds payable.
Bonds payable.
Identify the exchange rate used to translate items when the functional currency is the foreign currency:
Equipment.
Equipment.
Identify the exchange rate used to remeasure the items when the functional currency is the U.S. dollar:
Equipment.
Equipment.
Responses:
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