Assume a U.S. company purchases equipment from a German supplier for 37,500 when the exchange rate at the time of the transaction is 1.5 per euro, or 0.667 per dollar. The U.S.
company doesn't have to pay the German supplier until the end of the month, at which time the euro is now worth only 1.49 per euro or 0.671 per dollar. According to U.S. GAAP, the equipment would be valued at ________.
A) 25,167
B) 25,000
C) 56,250
D) 55,875
Question 2
Translation of foreign currency financial statements is best described as ________.
A) the process of restating foreign currency financial statements from one currency into another
B) the process of combining financial statements of different subsidiaries into one statement
C) the conversion of foreign currencies into the U.S. dollar
D) easier when the foreign currency is the euro
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