I am having problems with beginning retained earnings and translation adjusments

Question

I am having problems with beginning retained earnings and translation adjusments. Please help thank you, very much. Intermediate Accounting II

Translating Foreign Currency Financial Statements Crab Beach Systems, a U.S. multinational producer of computer hardware, has subsidiaries located throughout the world. The company recently received year-end financial statements from its Swiss subsidiary, Doghead Technology. Doghead was purchased by Crab Beach on January 1, 2012. Doghead's financial statements are prepared and submitted to Crab Beach headquarters in Swiss francs. The accountant in charge of translating the financial statements has been unable to locate last year's translated financial statements Instead, the only data available from last year are the financial statements prepared in francs. Doghead's adjusted trial balances as of December 31, 2012 and 2013, in Swiss francs, are as follows: Trial Balance Trial Balance Dec. 31, 2013 Dec. 31, 2012 Cash . . Accounts Receivable. .._.. . .__ .. ..__ ...__ .. Inventory Equipment Cost of Goods Sold. _ ...__ . .. Expenses Dividends 925,000 1,875,000 2,115,000 1,025,000 7,985,000 4,234,000 900,000 19,059,000 2,100,000 1,000,000 1,200,000 640,000 14,119,000 19,059,000 750,000 1,215,000 1,850,000 975,000 6,505,000 3,156,000 500.000 14,951,000 1,825,000 1,125,000 1,200,000 301,000 10,500,000 14,951,000 . Total debits Accounts Payable Long-Term Debt Capital Stock Sales Total credits Relevant exchange rates for 2013 and 2012 are as follows. The numbers shown are the U.S. dollar equivalent of one franc

Explanation / Answer

I am having problems with beginning retained earnings and translation adjusments

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.