Philippine Mares Corporation is a subsidiary of Singaporean Sophies Corporation. The functional currency of Philippines Mares...

Transcribed Image Text:

Philippine Mares Corporation is a subsidiary of Singaporean Sophies Corporation. The functional currency of Philippines Mares is Peso (P) while the presentation currency of its parent. Singaporean Sophies is Singaporean Dollars (SD). For the year ended December 31, 2020, Philippine Mares has the following foreign currency denominated assets with the related historical rates: Asset Accounts Receivable Notes Receivable Amount $15,000 20,000 Historical Rate $1=P45; P1=0.5SD $1=P42; P1=0.6SD The exchange rate on December 31, 2020 is $1-P48 and P1=0.65SD. 1. What is the book value of Accounts Receivable and Notes Receivable in the separate statement of financial position of Philippine Mares? 2. What is the book value of Accounts Receivable and Notes Receivable in the consolidated statement of financial position of Singaporean Sophies? Philippine Mares Corporation is a subsidiary of Singaporean Sophies Corporation. The functional currency of Philippines Mares is Peso (P) while the presentation currency of its parent. Singaporean Sophies is Singaporean Dollars (SD). For the year ended December 31, 2020, Philippine Mares has the following foreign currency denominated assets with the related historical rates: Asset Accounts Receivable Notes Receivable Amount $15,000 20,000 Historical Rate $1=P45; P1=0.5SD $1=P42; P1=0.6SD The exchange rate on December 31, 2020 is $1-P48 and P1=0.65SD. 1. What is the book value of Accounts Receivable and Notes Receivable in the separate statement of financial position of Philippine Mares? 2. What is the book value of Accounts Receivable and Notes Receivable in the consolidated statement of financial position of Singaporean Sophies?

Answer rating: 100% (QA)

To determine the book value of Accounts Receivable and Notes Receivable in the separate statement of financial position of Philippine Mares and the co... View the full answer