Sunrise Technological,Inc.,a U.S.multinational producer of computer hardware,has subsidiaries located throughout the world.Sunrise Technology purchased Einstein Technology Company,a Swiss producer of computer hardware components,on January 1,2013.Einstein's financial statements are prepared and submitted in Swiss francs to Sunrise's headquarters.Einstein's adjusted trial balance at December 31,2014,is presented below:
Einstein Technology Company
Adjusted Trial Balance
December 31,2014
(in Swiss Francs)
Relevant exchange rates for 2014 and 2013 are as follows:

The statement of retained earnings for the year ended December 31,2013,is as follows (in U.S.dollars):

Required:
Prepare a translated statement of income and retained earnings,and a translated statement of financial position in U.S.dollars for Einstein Technology for 2014.

Question

Sunrise Technological,Inc.,a U.S.multinational producer of computer hardware,has subsidiaries located throughout the world.Sunrise Technology purchased Einstein Technology Company,a Swiss producer of computer hardware components,on January 1,2013.Einstein's financial statements are prepared and submitted in Swiss francs to Sunrise's headquarters.Einstein's adjusted trial balance at December 31,2014,is presented below:
Einstein Technology Company
Adjusted Trial Balance
December 31,2014
(in Swiss Francs)  
Relevant exchange rates for 2014 and 2013 are as follows:
  
The statement of retained earnings for the year ended December 31,2013,is as follows (in U.S.dollars):
  
Required:
Prepare a translated statement of income and retained earnings,and a translated statement of financial position in U.S.dollars for Einstein Technology for 2014.

Quizplus · Accepted Answer

The Answer of Sunrise Technological,Inc.,a U.S.multinational producer of computer hardware,has subsidiaries located throughout the world.Sunrise Technology purchased Einstein Technology Company,a Swiss producer of computer hardware components,on January 1,2013.Einstein's financial statements are prepared and submitted in Swiss francs to Sunrise's headquarters.Einstein's adjusted trial balance at December 31,2014,is presented below:
Einstein Technology Company
Adjusted Trial Balance
December 31,2014
(in Swiss Francs)  
Relevant exchange rates for 2014 and 2013 are as follows:
  
The statement of retained earnings for the year ended December 31,2013,is as follows (in U.S.dollars):
  
Required:
Prepare a translated statement of income and retained earnings,and a translated statement of financial position in U.S.dollars for Einstein Technology for 2014.