Business, 12.03.2020 18:50 gwoodbyrne
The Thode Company established a wholly-owned subsidiary in Saudi Arabia on January 1, 2019, when the exchange rate was $0.30/riyal (SAR). Of Thode’s initial SAR200,000,000 investment, SAR100,000,000 was used to acquire plant assets (tenyear life) and SAR50,000,000 was used to acquire inventory. The remaining amount was initially held as cash by the subsidiary. During 2019, the subsidiary reported net income of SAR20,000,000. Inventory purchases of SAR15,000,000 were made evenly during the year. It paid dividends of SAR10,000,000 on September 30, when the exchange rate was $0.255/SAR. No other transactions occurred between the subsidiary and the parent. The subsidiary’s condensed income statement appears below: Sales SAR85,000,000 Cost of goods sold (1) (40,000,000) Depreciation expense (2) (10,000,000) Other cash expenses (15,000,000) Net income SAR20,000,000 (1) Assume a FIFO inventory flow assumption. (2) Relates solely to plant assets acquired on January 1, 2019. The average rate during the year was $0.265/SAR. On the balance sheet date, it was $0.25/SAR. (a) Assuming the functional currency is the riyal, translate the subsidiary’s preclosing trial balance at December 31, 2019, and prepare a schedule calculating the subsidiary’s translation gain or loss for 2019. Use negative signs with your Cr (credit balance) answers, in the P Dr(Cr) and $ Dr(Cr) columns only. Enter answers using all zeros (do not abbreviate answers to millions or thousands).
Answers: 2
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Jorge is attending college next year. he just got information on the college costs and the financial aid package the college is offering. jorge knows his parents can contribute $4,500 each year. jorge’s college costs & financial aid package per year costs financial aid package tuition & fees grants & scholarship $26,000 $18,500 room & board work-study $12,500 $8,500 how much will jorge need to pay each year from his own savings and from loans? $3,000 $7,000 $7,500 $11,500
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The Thode Company established a wholly-owned subsidiary in Saudi Arabia on January 1, 2019, when the...
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