Home / Questions / Each of the following accounts has been converted to U.S. dollars from a foreign subsidia
Each of the following accounts has been converted to U.S. dollars from a foreign subsidiary's financial statements. Based on the information given, determine if the U.S. dollar or a foreign currency is the functional currency of the subsidiary.
F = Foreign Currency
D = U.S. Dollar
N/A = Cannot be determined
1.Cost of goods sold was converted at a historical rate___________
2.Marketable debt securities carried at cost were
converted at the year-end spot rate___________
3.Depreciation Expense was converted at the historical
rate at the date of acquisition of the subsidiary___________
4.Inventories carried at their historical cost were converted
at the spot rate from year-end___________
5.Intangible assets were converted at the historical exchange
rate at the date of acquisition of the subsidiary___________
6.Deferred income tax liability was converted at the
year-end spot rate___________
7.Property, Plant and Equipment was converted
at the year-end spot rate___________
8.Accounts Payable was converted at the year-end
spot rate___________
9.Patents were converted at the exchange rate in place at
the date of acquisition of the subsidiary___________
10.Accumulated depreciation on buildings was con
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