The Simpson Corporation is calculating their adjusted balance sheet into U.S. Dollars. The exchange rate at the
Fantastic news! We've Found the answer you've been seeking!
Question:
The Simpson Corporation is calculating their adjusted balance sheet into U.S. Dollars. The exchange rate at the beginning of the year was $1 Euro = $1 U.S. dollar. The current exchange rate is .80 Euros to $1.00. Net Income for the year was zero. How much is the accounting gain/loss due to the exchange rate change?
Beginning Balance Sheet:
- Assets = 3,000 Euros
- Equity = 1,500 Euros
- Liabilities = 1,500 Euros
Posted Date: