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Finlandiva, a furniture manufacturer based in Finland, is owned by U.S.-based Couch Potato, Inc.. Finlandiva's balance sheet at the current exchange rate of $1.00/ is shown in the following table:
Assets
Value in C$
Value at Value at Translation C$1.60/$ C$1.50/$ gains or losses
Cash & marketable securities
C$320,000
$200,000
Accounts receivable
C$160,000
$100,000
Inventory
C$640,000
$400,000
Plant and equipment
C$480,000
$300,000
Total assets
C$1,600,000
$1,000,000
Liabilities Accounts payable
Wages payable
Net worth
C$1,120,000
$700,000
Total liabilities & net worth
a. Identify Couch Potato's exposed assets, exposed liabilities, and net exposed assets under FAS #52.
b. Identify the impact of a 20 percent depreciation of the euro on Couch Potato's consolidated balance sheet.
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