Question
Oscar, Ltd. is a British subsidiary of an American company. Oscar's functional currency is the pound sterling (). The following exchange rates were in effect
Oscar, Ltd. is a British subsidiary of an American company. Oscar's functional currency is the pound sterling (£). The following exchange rates were in effect during 2021:
January 1 £ 1 = ps 1.58 June 30th £ 1 = ps 1.63 December 31 £ 1 = ps 1.60 Weighted average rate for the year £ 1 = ps 1.56
Oscar reported sales of £1,200,000 during 2021.
What amount (rounded) would have been included for this subsidiary in the calculation of consolidated sales?
Oscar, Ltd. is a British subsidiary of an American company. Oscar's functional currency is the pound sterling (£). The following exchange rates were in effect during 2021:
| January 1 | £ | 1 | = | ps | 1.58 |
| June 30th | £ | 1 | = | ps | 1.63 |
| December 31 | £ | 1 | = | ps | 1.60 |
| Weighted average rate for the year | £ | 1 | = | ps | 1.56 |
Oscar reported sales of £1,200,000 during 2021.
What amount (rounded) would have been included for this subsidiary in the calculation of consolidated sales?
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
78025621, 978-0078025624
