Hylie, a U.S.corporation, owns 100% of Frosan, a French firm.Assume that the dollar is the functional currency, although the books are kept in euros.
?
Required:
?
What currency exchange rate would be used to re-measure Frosan's balance sheet into U.S.dollars? Choose from current, simple average, weighted average, or historical.
?
a.Cash
b.Accounts Receivable
c.Inventory, carried at cost
d.Equipment
e.Accumulated Depreciation
f.Bonds Payable
g.Common Stock
h.Sales

Question

Hylie, a U.S.corporation, owns 100% of Frosan, a French firm.Assume that the dollar is the functional currency, although the books are kept in euros.
?
Required:
?
What currency exchange rate would be used to re-measure Frosan's balance sheet into U.S.dollars? Choose from current, simple average, weighted average, or historical.
?
a.Cash
b.Accounts Receivable
c.Inventory, carried at cost
d.Equipment
e.Accumulated Depreciation
f.Bonds Payable
g.Common Stock 
h.Sales

Quizplus · Accepted Answer

The Answer of Hylie, a U.S.corporation, owns 100% of Frosan, a French firm.Assume that the dollar is the functional currency, although the books are kept in euros.
?
Required:
?
What currency exchange rate would be used to re-measure Frosan's balance sheet into U.S.dollars? Choose from current, simple average, weighted average, or historical.
?
a.Cash
b.Accounts Receivable
c.Inventory, carried at cost
d.Equipment
e.Accumulated Depreciation
f.Bonds Payable
g.Common Stock 
h.Sales