exercises topic translation of income statement lo 1 income statement in euros sales 4314317

exercises topic translation of income statement lo 1 income statement in euros sales 4314317

Exercises

Topic:Translation of Income Statement

LO: 1

Income statement:

In Euros (€)

Sales

1,500,000

Cost of goods sold

(900,000)

Gross Profit

600,000

Operating expenses

(390,000)

Net income

210,000

Also assume the following exchange rates:

$/€

BOY Rate

$1.40

EOY rate

$1.50

Avg. rate

$1.45

Required:  Translate the income statement into $US using the current-rate method.

 

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