ABC US Inc. is operating within US territory wherein the functional currency US $. However, the presentation currency of the said bank Philippine Peso. The following financial position data for the year 2022 are provided: Assets, 12/31/2022 $1,000 Liabilities, 12/31/2022 200 Ordinary shares, 12/31/2022 300 Share premium, 12/31/2022 100 Retained earnings, 1/1/2022 200 2022 net income 300 Dividends declared, 12/1/2022 100 The following additional data are provided: All ordinary shares are issued on January 1, 2015. The translated amount of retained earnings at Philippine Peso on December 31, 2021, is P8,000. The following direct exchange rates are determined: 1/1/2015 P45 12/31/2021 42 12/1/2022 41 12/31/2022 43 Average rates for 2022 44

How much are the translated retained earnings as of December 31, 2022?

Answer rating: 100% (QA)

Financial position data for the year 2022 for ABC ... View the full answer