国际财务管理课后习题答案chater文档格式.docx

1、CanadianDollarMexicanPesoEuroSwissFrancAssetsCashCD200Ps6,000825SF0Accountsreceivable9,0001,045InventoryNetfixedassetsExposedassetsPs15,0001,870LiabilitiesAccountspayableCD0Ps7,0001,364Notespayable17,0009351,400Long-termdebt27,0003,520ExposedliabilitiesPs51,0005,819SF1,400Netexposure（Ps36,000）（3,949

2、）（SF1,400）ConsolidatedBalanceSheetunderFASB8forCentraliaCorporationanditsMexicanandSpanishAffiliates,December 31, 2005:Post-ExchangeRateChange（in000Dollars）CentraliaCorp.（parent）AffiliateSpanishConsolidatedBalanceSheet$950a$600$700$2,2501,450b9008873,2373,0001,5006,000InvestmentinMexicanaffiliate-c-

3、InvestmentinSpanishaffiliate-d4,6004,00017,600Totalassets$29,087LiabilitiesandNetWorth$1,800$700b$1,157$3,6572,2001,7001,043e4,9437,1102,7002,98712,797Commonstock3,500Retainedearnings4,190TotalliabilitiesandnetworthaThisincludesCD200,000theparentfirmhasinaCanadianbank,carriedas$150,000.CD200,000/（CD

4、1.3333/$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,a

5、spartof1,229,649=294,649+935,000.1,229,649/（1.1786/$1.00）=$1,043,313.3.InExample10.2,aforwardcontractwasusedtoestablishaderivatives“hedge”toprotectCentraliaMINICASE:SUNDANCESPORTINGGOODS,INC.SundanceSportingGoods,Inc.,isaU.S.manufacturerofhigh-qualitysportinggoods-principallygolf,tennisandotherracqu

6、etequipment,andalsolawnsports,suchascroquetandbadminton-withadministrativeofficesandmanufacturingfacilitiesinChicago, Illinois.Sundancehastwowhollyownedmanufacturingaffiliates,oneinMexicoandtheotherinCanada.TheMexicanaffiliateislocatedinMexico CityandservicesallofLatin America.TheCanadianaffiliateis

7、inTorontoandservesonlyCanada.Eachaffiliatekeepsitsbooksinitslocalcurrency,whichisalsothefunctionalcurrencyfortheaffiliate.Thecurrentexchangeratesare:$1.00=CD1.25=Ps3.30=A1.00=￥105=W800.ThenonconsolidatedbalancesheetsforSundanceanditstwoaffiliatesappearintheaccompanyingtable.NonconsolidatedBalanceShe

8、etforSundanceSportingGoods,Inc.andItsMexicanandCanadianAffiliates,December 31, 2005（in000CurrencyUnits）Sundance,Inc.$1,500Ps1,420CD1,2002,500a2,800e1,500f5,0006,2002,5002,400bInvestmentinCanadianaffiliate3,600c12,00011,2005,600$27,000Ps21,620CD10,800$3,000Ps2,500aCD1,7004,000d4,2002,3007,0004,500b2,

9、900c3,420b1,600caccountsreceivable（payable）isdenominatedindollars（pesos）.bTheMexicanaffiliateiswhollyownedbytheparentfirm.Itiscarriedontheparentfirmsbooksat$2,400,000.Thisrepresentsthesumofthecommonstock（Ps4,500,000）andretainedearnings（Ps3,420,000）ontheMexicanaffiliatesbooks,translatedatPs3.30/$1.00

10、.cTheCanadianaffiliateiswhollyownedbytheparentfirm.Itiscarriedontheparentfirmsbooksat$3,600,000.Thisrepresentsthesumofthecommonstock（CD2,900,000）andtheretainedearnings（CD1,600,000）ontheCanadianaffiliatesbooks,translatedatCD1.25/$1.00.defa.Usingthecurrentexchangeratesandthenonconsolidatedbalancesheet

11、sforSundanceanditsaffiliates,prepareaconsolidatedbalancesheetfortheMNCaccordingtoFASB52.ii.Usingthetranslationexposurereportyouhaveprepared,determineifanyreportingcurrencyimbalancewillresultfromachangeinexchangeratestowhichthefirmhascurrencyexposure.Yourforecastisthatexchangerateswillchangefrom$1.00

12、=CD1.25=Ps3.30=A1.00=￥105=W800to$1.00=CD1.30=Ps3.30=A1.03=￥105=W800.SuggestedSolutiontoSundanceSportingGoods,Inc.ConsolidatedBalanceSheetforSundanceSportingGoods,Inc.itsMexicanandCanadianAffiliates,December 31, 2005:Pre-ExchangeRateChange（in000Dollars）ConsolidatedBalanceSheet$430$960$2,8902,100a849e

13、1,200f4,1491,8792,0008,879-b3,3944,48019,874$35,792$358a$1,360$4,7181,2731,8407,1132,12112,961a$2,500,000-$400,000（=Ps1,320,000/（Ps3.30/$1.00）intracompanyloan=$2,100,000.b,cTheinvestmentintheaffiliatescancelswiththenetworthoftheaffiliatesintheconsolidation.dTheparentowesaJapanesebank￥126,000,000.Thi

14、siscarriedonthebooksas$1,200,000（=￥126,000,000/（￥105/$1.00）.eTheMexicanaffiliatehassoldonaccountA120,000ofmerchandisetoanArgentineimporthouse.ThisiscarriedontheMexicanaffiliatesbooksasPs396,000（=A120,000xPs3.30/A1.00）.fTheCanadianaffiliatehassoldonaccountW192,000,000ofmerchandisetoaKoreanimporter.Th

15、isiscarriedontheCanadianaffiliatesbooksasCD300,000（=W192,000,000/（W800/CD1.25）.TranslationExposureReportforSundanceSportingGoods,Inc.anditsMexicanandCanadianAffiliates,December 31, 2005（in000CurrencyUnits）JapaneseYenArgentineAustralKoreanWon￥0A0W02,4041,200120192,000FixedassetsPs21,224CD10,500A120W1

16、92,000Ps1,180126,000￥126,000Ps12,380CD6,300（￥126,000）Ps8,844CD4,200=ReportingCurrencyImbalance.FromthetranslationexposurereportwecandeterminethatthedepreciationintheCanadiandollarwillcausea reportingcurrencyimbalance.Similarly,thedepreciationintheArgentineaustralwillcauseaIntotal,thedepreciationoftheCanadiandollarandtheArgentineaustralwillcauseareportingcurrencyimbalanceintranslatedvalueequalto-$129,231-$3,495=-$132,726.Affilia