Quadros Inc

question 20

Multiple Choice

Quadros Inc., a Portuguese firm was acquired by a U.S. company on January 1, 2010. Selected account balances are available for the year ended December 31, 2011, and are stated in euro, the local currency. Relevant exchange rates for 1 euro are given below: Assume the functional currency is the euro, compute the U.S. income statement amount for sales for 2011.

• A) $364,000.
• B) $372,000.
• C) $380,000.
• D) $360,000.
• E) $404,000.

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Definitions:

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