国际财务管理课后习题答案chater文档格式.docx

国际财务管理课后习题答案chater文档格式.docx

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Canadian

Dollar

Mexican

Peso

Euro

Swiss

Franc

Assets

Cash

CD200

Ps6,000

€825

SF0

Accountsreceivable

9,000

1,045

Inventory

Netfixedassets

Exposedassets

Ps15,000

€1,870

Liabilities

Accountspayable

CD0

Ps7,000

€1,364

Notespayable

17,000

935

1,400

Long-termdebt

27,000

3,520

Exposedliabilities

Ps51,000

€5,819

SF1,400

Netexposure

（Ps36,000）

（€3,949）

（SF1,400）

ConsolidatedBalanceSheetunderFASB8forCentraliaCorporationanditsMexicanandSpanishAffiliates,December31,2005:

Post-ExchangeRateChange（in000Dollars）

CentraliaCorp.

（parent）

Affiliate

Spanish

ConsolidatedBalanceSheet

$950a

$600

$700

$2,250

1,450b

900

887

3,237

3,000

1,500

6,000

InvestmentinMexicanaffiliate

-c

-

InvestmentinSpanishaffiliate

-d

4,600

4,000

17,600

Totalassets

$29,087

LiabilitiesandNetWorth

$1,800

$700b

$1,157

$3,657

2,200

1,700

1,043e

4,943

7,110

2,700

2,987

12,797

Commonstock

3,500

Retainedearnings

4,190

Totalliabilitiesandnetworth

aThisincludesCD200,000theparentfirmhasinaCanadianbank,carriedas$150,000.CD200,000/（CD1.3333/$1.00）=$150,000.

b$1,750,000-$300,000（=Ps3,000,000/（Ps10.00/$1.00））intracompanyloan=$1,450,000.

c,dInvestmentinaffiliatescancelswiththenetworthoftheaffiliatesintheconsolidation.

eTheSpanishaffiliateowesaSwissbankSF375,000（÷

SF1.2727/€1.00=€294,649）.Thisiscarriedonthebooks,

aftertheexchangeratechange,aspartof€1,229,649=€294,649+€935,000.€1,229,649/（€1.1786/$1.00）=$1,043,313.

3.InExample10.2,aforwardcontractwasusedtoestablishaderivatives“hedge”toprotectCentralia

MINICASE:

SUNDANCESPORTINGGOODS,INC.

SundanceSportingGoods,Inc.,isaU.S.manufacturerofhigh-qualitysportinggoods--principallygolf,tennisandotherracquetequipment,andalsolawnsports,suchascroquetandbadminton--withadministrativeofficesandmanufacturingfacilitiesinChicago,Illinois.Sundancehastwowhollyownedmanufacturingaffiliates,oneinMexicoandtheotherinCanada.TheMexicanaffiliateislocatedinMexicoCityandservicesallofLatinAmerica.TheCanadianaffiliateisinTorontoandservesonlyCanada.Eachaffiliatekeepsitsbooksinitslocalcurrency,whichisalsothefunctionalcurrencyfortheaffiliate.Thecurrentexchangeratesare:

$1.00=CD1.25=Ps3.30=A1.00=￥105=W800.ThenonconsolidatedbalancesheetsforSundanceanditstwoaffiliatesappearintheaccompanyingtable.

NonconsolidatedBalanceSheetforSundanceSportingGoods,Inc.andItsMexicanandCanadianAffiliates,December31,2005（in000CurrencyUnits）

Sundance,Inc.

$1,500

Ps1,420

CD1,200

2,500a

2,800e

1,500f

5,000

6,200

2,500

2,400b

InvestmentinCanadianaffiliate

3,600c

12,000

11,200

5,600

$27,000

Ps21,620

CD10,800

$3,000

Ps2,500a

CD1,700

4,000d

4,200

2,300

7,000

4,500b

2,900c

3,420b

1,600c

accountsreceivable（payable）isdenominatedindollars（pesos）.

bTheMexicanaffiliateiswhollyownedbytheparentfirm.Itiscarriedontheparentfirm’sbooksat$2,400,000.Thisrepresentsthesumofthecommonstock（Ps4,500,000）andretainedearnings（Ps3,420,000）ontheMexicanaffiliate’sbooks,translatedatPs3.30/$1.00.

cTheCanadianaffiliateiswhollyownedbytheparentfirm.Itiscarriedontheparentfirm’sbooksat$3,600,000.Thisrepresentsthesumofthecommonstock（CD2,900,000）andtheretainedearnings（CD1,600,000）ontheCanadianaffiliate’sbooks,translatedatCD1.25/$1.00.

d

e

f

a.UsingthecurrentexchangeratesandthenonconsolidatedbalancesheetsforSundanceanditsaffiliates,prepareaconsolidatedbalancesheetfortheMNCaccordingtoFASB52.

ii.Usingthetranslationexposurereportyouhaveprepared,determineifanyreportingcurrencyimbalancewillresultfromachangeinexchangeratestowhichthefirmhascurrencyexposure.Yourforecastisthatexchangerateswillchangefrom$1.00=CD1.25=Ps3.30=A1.00=￥105=W800to$1.00=CD1.30=Ps3.30=A1.03=￥105=W800.

SuggestedSolutiontoSundanceSportingGoods,Inc.

ConsolidatedBalanceSheetforSundanceSportingGoods,Inc.itsMexicanandCanadianAffiliates,

December31,2005:

Pre-ExchangeRateChange（in000Dollars）

Consolidated

BalanceSheet

$430

$960

$2,890

2,100a

849e

1,200f

4,149

1,879

2,000

8,879

-b

3,394

4,480

19,874

$35,792

$358a

$1,360

$4,718

1,273

1,840

7,113

2,121

12,961

a$2,500,000-$400,000（=Ps1,320,000/（Ps3.30/$1.00））intracompanyloan=$2,100,000.

b,cTheinvestmentintheaffiliatescancelswiththenetworthoftheaffiliatesintheconsolidation.

dTheparentowesaJapanesebank￥126,000,000.Thisiscarriedonthebooksas$1,200,000（=￥126,000,000/（￥105/$1.00））.

eTheMexicanaffiliatehassoldonaccountA120,000ofmerchandisetoanArgentineimporthouse.ThisiscarriedontheMexicanaffiliate’sbooksasPs396,000（=A120,000xPs3.30/A1.00）.

fTheCanadianaffiliatehassoldonaccountW192,000,000ofmerchandisetoaKoreanimporter.ThisiscarriedontheCanadianaffiliate’sbooksasCD300,000（=W192,000,000/（W800/CD1.25））.

TranslationExposureReportforSundanceSportingGoods,Inc.anditsMexicanandCanadianAffiliates,December31,2005（in000CurrencyUnits）

Japanese

Yen

Argentine

Austral

Korean

Won

￥0

A0

W0

2,404

1,200

120

192,000

Fixedassets

Ps21,224

CD10,500

A120

W192,000

Ps1,180

126,000

￥126,000

Ps12,380

CD6,300

（￥126,000）

Ps8,844

CD4,200

=ReportingCurrencyImbalance.

FromthetranslationexposurereportwecandeterminethatthedepreciationintheCanadiandollarwillcausea

reportingcurrencyimbalance.

Similarly,thedepreciationintheArgentineaustralwillcausea

Intotal,thedepreciationoftheCanadiandollarandtheArgentineaustralwillcauseareportingcurrencyimbalanceintranslatedvalueequalto-$129,231-$3,495=-$132,726.

Affilia