Translation Remeasurement Accounts payable Accounts receivable Accumulated depreciation-buildings Advertising expense Amortization expense (patents) Buildings Cash Common stock Depreciation expense Dividends (10/1/17) . Notes payable-due in 2020 Patents (net) Salary expense Sales 1 ruble = $0.28 1 = 0.26 1 = 0.25 1 = 0.24 - 0.23 1 1 = 0.22 2012... 2013.... %3D 2015..... January 1, 2017 April 1, 2017.... July 1, 2017..... October 1, 2017 December 31, 2017... Average for 2017 0.22 1 = 0.20 1 = 0.16 = 0.19 %3D
Translation Remeasurement Accounts payable Accounts receivable Accumulated depreciation-buildings Advertising expense Amortization expense (patents) Buildings Cash Common stock Depreciation expense Dividends (10/1/17) . Notes payable-due in 2020 Patents (net) Salary expense Sales 1 ruble = $0.28 1 = 0.26 1 = 0.25 1 = 0.24 - 0.23 1 1 = 0.22 2012... 2013.... %3D 2015..... January 1, 2017 April 1, 2017.... July 1, 2017..... October 1, 2017 December 31, 2017... Average for 2017 0.22 1 = 0.20 1 = 0.16 = 0.19 %3D
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 24CE
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Question
The following accounts are denominated in rubles as of December 31, 2017. For reporting purposes, these accounts need to be stated in U.S. dollars. For each account, indicate the exchange rate that would be used to translate the ruble balance into U.S. dollars under the current rate method. Then, again for each account, indicate the exchange rate that would be used to remeasure the ruble balance to U.S. dollars using the temporal method. The company was started in 2012. The buildings were acquired in 2013 and the patents in 2015.
Exchange rates for 1 ruble are as follows:
Transcribed Image Text:Translation
Remeasurement
Accounts payable
Accounts receivable
Accumulated depreciation-buildings
Advertising expense
Amortization expense (patents)
Buildings
Cash
Common stock
Depreciation expense
Dividends (10/1/17) .
Notes payable-due in 2020
Patents (net)
Salary expense
Sales
Transcribed Image Text:1 ruble = $0.28
1 = 0.26
1 = 0.25
1 = 0.24
- 0.23
1
1 = 0.22
2012...
2013....
%3D
2015.....
January 1, 2017
April 1, 2017....
July 1, 2017.....
October 1, 2017
December 31, 2017...
Average for 2017
0.22
1 = 0.20
1 = 0.16
= 0.19
%3D
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