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WileyPLUS A https://edugen.wileyplus.com/edugen/Iti/main.uni Return to Blackboard Jeter, Advanced Accounting, 6e Help | System Announcements CALCULATOR PR Exercise 13-4 On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. The acquisition was treated as a 2014 financial statements stated in Swiss francs are given below. GRANT MANAGEMENT CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2014 Jan. 1 Dec. 31 Cash and Receivables 19,600 54,400 Net Property, Plant, and Equipment 40,200 37,600 Totals 59,800 92,000 Accounts and Notes Payable 29,500 32,200 Common Stock 19,600 19,600 Retained Earnings 10,700 40,200 Totals 59,800 92,000 GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2014 Revenues 74,900 Operating Expenses including Depreciation of 2,600 francs Net Income Dividends Declared and Paid 30,600 44,300 14,800 Increase in Retained Earnings 29,500 Direct exchange rates for Swiss franc are: Dollars per Franc January 1, 2014 December 31, 2014 Average for 2014 Dividend declaration and payment date $0.5987 0.5321 0.5654 0.5810 (a) Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation. (Round answers to o decimal places, e.g. 5,125. Enter lass and deb Transfation adjustment using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) 105arch

WileyPLUS A https://edugen.wileyplus.com/edugen/Iti/main.uni Return to Blackboard Jeter, Advanced Accounting, 6e Help | System Announcements CALCULATOR PR Exercise 13-4 On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. The acquisition was treated as a 2014 financial statements stated in Swiss francs are given below. GRANT MANAGEMENT CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2014 Jan. 1 Dec. 31 Cash and Receivables 19,600 54,400 Net Property, Plant, and Equipment 40,200 37,600 Totals 59,800 92,000 Accounts and Notes Payable 29,500 32,200 Common Stock 19,600 19,600 Retained Earnings 10,700 40,200 Totals 59,800 92,000 GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2014 Revenues 74,900 Operating Expenses including Depreciation of 2,600 francs Net Income Dividends Declared and Paid 30,600 44,300 14,800 Increase in Retained Earnings 29,500 Direct exchange rates for Swiss franc are: Dollars per Franc January 1, 2014 December 31, 2014 Average for 2014 Dividend declaration and payment date $0.5987 0.5321 0.5654 0.5810 (a) Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation. (Round answers to o decimal places, e.g. 5,125. Enter lass and deb Transfation adjustment using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) 105arch

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 10MCQ
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WileyPLUS A https://edugen.wileyplus.com/edugen/Iti/main.uni Return to Blackboard Jeter, Advanced Accounting, 6e Help | System Announcements CALCULATOR PR Exercise 13-4 On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. The acquisition was treated as a 2014 financial statements stated in Swiss francs are given below. GRANT MANAGEMENT CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2014 Jan. 1 Dec. 31 Cash and Receivables 19,600 54,400 Net Property, Plant, and Equipment 40,200 37,600 Totals 59,800 92,000 Accounts and Notes Payable 29,500 32,200 Common Stock 19,600 19,600 Retained Earnings 10,700 40,200 Totals 59,800 92,000 GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2014 Revenues 74,900 Operating Expenses including Depreciation of 2,600 francs Net Income Dividends Declared and Paid 30,600 44,300 14,800 Increase in Retained Earnings 29,500 Direct exchange rates for Swiss franc are: Dollars per Franc January 1, 2014 December 31, 2014 Average for 2014 Dividend declaration and payment date $0.5987 0.5321 0.5654 0.5810 (a) Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation. (Round answers to o decimal places, e.g. 5,125. Enter lass and deb Transfation adjustment using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) 105arch
Transcribed Image Text:WileyPLUS A https://edugen.wileyplus.com/edugen/Iti/main.uni Return to Blackboard Jeter, Advanced Accounting, 6e Help | System Announcements CALCULATOR PR Exercise 13-4 On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. The acquisition was treated as a 2014 financial statements stated in Swiss francs are given below. GRANT MANAGEMENT CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2014 Jan. 1 Dec. 31 Cash and Receivables 19,600 54,400 Net Property, Plant, and Equipment 40,200 37,600 Totals 59,800 92,000 Accounts and Notes Payable 29,500 32,200 Common Stock 19,600 19,600 Retained Earnings 10,700 40,200 Totals 59,800 92,000 GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2014 Revenues 74,900 Operating Expenses including Depreciation of 2,600 francs Net Income Dividends Declared and Paid 30,600 44,300 14,800 Increase in Retained Earnings 29,500 Direct exchange rates for Swiss franc are: Dollars per Franc January 1, 2014 December 31, 2014 Average for 2014 Dividend declaration and payment date $0.5987 0.5321 0.5654 0.5810 (a) Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation. (Round answers to o decimal places, e.g. 5,125. Enter lass and deb Transfation adjustment using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) 105arch
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