Westmore reported sales of pound1500000 during 2009. what, Ask an Expert

Accounting

Westmore, Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is the pound sterling. The following exchange rates were in effect during 2009:

Jan 1 $1 = £.625
June 30 $1 = £.610
Dec 31 $1 = £.620

Weighted average rate for the year $1 = £.630

Required:

1) Westmore reported sales of £1,500,000 during 2009. What amount would have been included for this subsidiary in calculating consolidated sales?

2) On December 31, Westmore had accounts receivable of £280,000. What amount would have been included for this subsidiary in calculating consolidated accounts receivable?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M994301

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