Below you will find the balance sheet and income statement of a US Corp.'s foreign subsidiary at the end of its first year of operations.The following exchange rates were in effect during the period:
Jan.1,2012 - $1 = 1FC
Dec.31,2012 - $1.70 = 1FC
The average exchange rate during the period was $1.40=1FC.The common stock was issued on January 1,2012.
Assuming that the foreign currency is the functional currency translate the financial statements into U.S.dollars.
Definitions:
Bourgeoisie
The class in capitalist societies that owns the means of production and employs wage labor, historically associated with wealth and societal power.
Capitalist System
An economic system where trade, industry, and the means of production are largely or entirely owned and operated by private individuals or companies for profit.
Sociological Perspective
A viewpoint in sociology that emphasizes looking beyond individual behavior to the wider societal contexts that shape actions and attitudes.
Societal Patterns
The recurring behaviors, traditions, and norms observed within a society.
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