User Account

All Pages

Calculate the translated canadian dollar balances

Assignment Help Accounting Basics
Reference no: EM133043114

Question - Water Bottling Inc. (WBI) is a 100% wholly owned subsidiary with operations in France. WBI was purchased by a Canadian parent on January 1, 20X5, and the FVA was €375,000, all allocated to goodwill.

The financial records of WBI are maintained in euros and provide the following information with respect to equipment and goodwill. Equipment: Purchased on January 1, 20X5, for €250,000, and depreciated over five years on a straight-line basis. Equipment: Purchased on January 1, 20X6, for €175,000, and depreciated over five years on a straight-line basis. Investment property was purchased January 1, 20X7, for €5,600,000. The company uses the fair value method for the investment property. Goodwill had a balance of €375,000.

Foreign exchange rates were as follows:

January 1, 20X5 €1 = 1.50

Average for 20X5 €1 = 1.48

January 1, 20X6 €1 = 1.46

Average for 20X6 €1 = 1.45

January 1, 20X7 €1 = 1.51

Average for 20X7 €1 = 1.58

December 31, 20X7 €1 = 1.60

Using the statement of fact provided above for WBI and assuming that WBI's functional currency is the euro.

Calculate the translated Canadian dollar balances for the following accounts for December 31, 20X7.

a. Equipment

b. Accumulated depreciation-equipment

c. Depreciation expense

d. Goodwill

Reference no: EM133043114

Questions Cloud

Determine Widget Manufacturing Company budgeted gross profit : Additionally, Widget expects variable manufacturing costs to be 35% of net sales. Determine Widget Manufacturing Company budgeted gross profit
IMAT5167 Data Warehouse Design and OLAP Assignment : IMAT5167 Data Warehouse Design and OLAP Assignment Help and Solution, De Montfort University - Assessment Writing Service
How much is the balance of Brooklyn capital : After the admission of Damian, the total capital will be $330,000 and Damian's capital will be $70,000. How much is the balance of Brooklyn's capital
Training programme in bangalore : Explain both question briefly please Mr. A is a respected senior officer in the company. He enjoys all the benefits and prerequisites from the company, includin
Calculate the translated canadian dollar balances : Water Bottling Inc. (WBI) is a 100% wholly owned subsidiary with operations in France. Calculate the translated Canadian dollar balances
Case study ameco beijing-benefits of performance : 1. Why did AMECO introduce the DCPC monthly performance appraisal program? What does performance management mean to the development of a company?
What purpose is performance evaluation carried out : For what purpose is performance evaluation carried out? Describe at least four techniques for performance evaluation add references.
Different legal considerations regarding terminations : Explain some different legal considerations regarding terminations and layoffs. Provide specific discussion as to what makes these considerations legal or illeg
Determine the cost per equivalent : During the most recent accounting period, the company's finishing department transferred 4,100 sets of skis to finished goods. Determine the cost per equivalent

Reviews

Write a Review

Accounting Basics Questions & Answers

  How many pounds of direct material did blue fin use

Blue Fin Co. produces a product requiring 10 pounds of material at $1.50 per pound. Blue Fin produced 10,000 units of this product during 2009 resulting in a $30,000 unfavorable materials quantity variance. How many pounds of direct material did B..

  What is the journal entry to record first interest payment

The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the first interest payment

  Which statements is true about agricultural produce

Which statements is true about agricultural produce? Agricultural produce as it grows on bearer plant is measured at the end of each reporting period prior

  During 2011 company incurred the following direct labor

during 2011 company incurred the following direct labor costs january 15000 and february 30000. wnc uses a

  Journalize the entries to record the payment of the note

A business issued a 45-day, 6% note for $80,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note (b) the payment of note

  What is his business taxable income

Wakko Warner has the following items on his 2020 Self-employed business trial balance. What is his business's taxable income

  Recording unearned revenues in given issue

Recording Unearned Revenues A local theater company sells 1,500 season ticket packages at a price of $250 per package. The first show in the five-show season.

  How will ricky record providing the tax return services

How will Ricky record providing the tax return services and the receipt of the office furniture on April 1, 2014 on his books?

  Working capital

Determine the company's working capital (current assets minus current liabilities) at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)

  Compute the cost per equivalent unit for direct materials

The ending Work-in-Process of 340 units was 50% complete for direct materials and 30% complete for conversion costs. Compute the cost per equivalent unit

  Locate the note that discusses ktm segments from

What three reportable segments does KTM have?

  Determining the carrying amount of investment

Saxe uses the straight-line method of amortization and intends to hold the notes to maturity. In its October 31, 2001 balance sheet, the carrying amount of this investment should be

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd