Problem Listed below is financial date from DDD Inc., which is a foreign subsidiary of CCC Inc. DDD Inc. is located in Thailand. DDD Inc's financial...

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 Problem   Listed below is financial date from DDD Inc., which is a foreign subsidiary of CCC Inc. DDD Inc. is located in Thailand. DDD Inc's financial statements must be translated into U.S dollars. Spot rate information is presented below: Beginning Retained Earnings was 0 Thai Bhat The current spot rate (12/31/17) is $1= 32 Thai Bhat The historical spot rate (1/1/17) is  $1= 37 Thai Bhat The weighted average spot rate is  $1 = 34.87 Thai Bhat Directions: Prepare a translated income statement and balance sheet as of December 31, 2017.                                              DDD Inc.                                           Income Statement                                            For the year 2017 ***** In Thai Bhat (B) Revenue B 15,400,000 COGS 3,600,000 Gross Profit 11,800,000 Other Expenses 4,475,000 EBIT 7,325,000 Interest Exp 1,084,000 EBT 6,241,000 Tax 1,975,432 Net income B 4,265,568                     2                                               DDD Inc.                                              Balance sheet                                           For the year 2017 ***** In Thai Bhat (B) Assets Cash B 40,000,000 Account Receivable 92,000,000 Inventory 3,500,000        Total current assets 135,500,000 Fixed Assets land 8,450,000 Building 23,500,000Total assets . B 167,450,000       liabilities and Equity          liabilities Notes payable B 45,994,432 Account payable 4,390,000 Salaries payable 8,800.000 Total current liabilities 59,184,432 Bonds payable 78,900,000 Total liabilities . 138,084,432        Equity Common stock 3,100,000 APIC 22,000,000 Retained earnings 4,265,568 Total Equity 29,365,568  Total liabilities and Equity B 167,450,000

Question

Problem Listed below is financial date from DDD Inc., which is a foreign subsidiary of CCC Inc. DDD Inc. is located in Thailand. DDD Inc's financial...

  • Written in: 17-Oct-2019
  • Paper ID: 11495941
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DATE ANSWERED

Oct 17, 2019

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