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2019 CFA LEVEL 1 2 3 高清精华课程

CFA level 2 Multinational OperationsChallenge Question

Gila Sailing and Fishing, Inc. (Gila), is a subsidiary of Sea of Cortez Unlimited Boating Adventures, Inc. (Cortez), a multinational organization headquartered in Tempe, Arizona. Gila is located in the Sonora Valley and sells fishing trips off the coast of the Sea of Cortez. Cortez accounts for Gila using the temporal method. Gila’s current balance sheet (denominated in pesos) is as follows:

Cash                                1,000,000
Accounts receivable
11,000,000

Fixed assets                       43.000. 000
Total assets                       55,000,000


Accounts payable                9.000. 000
Deferred revenue                 2.000. 000
LTD                                   8,000,000
Equity                                36.000. 000
Total liabilities and equity       55.000. 000

* Note: Deferred revenue relates to a wealthy customer who paid for several trips in advance but has been unable to find enough spare time to come back to Sonora.
21. Nonmonetary assets less nonmonetary liabilities are:
A. 5,000,000.
B. 41,000,000.
C. 43,000,000.

22. Cortez is concerned about depreciation of the peso and would like to change Gila’s capital structure. This would be best accomplished by:
A. borrowing pesos and reducing equity.
B. using cash to reduce accounts payable.
C. selling receivables and using the proceeds to pay down long-term debt.

22题答案为A,求解答!十分感谢!

Temporal Method means net monetary asset is exposed to currency risk.
B. using cash to payoff A/P  => Monetary Asset and Monetary Liability both decreased for the same amount, as a result. No effect on the exposure to currency risk
C. is similar to B
A. Borrowing to reduce Equity, Monetary stays the same while monetary liability increased. Taking depreciation peso into account, the firm is likely to have a gain an currency exchange.

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2018-1-19 17:10

根據LOS表示在使用temporal method會受到利率波動的影響的項目是monetary asset、monetary liability。且目前該子公司是net monetary liability,以本題來說是(cash:1M+AR:11M-AP:9M-LTD:8M=-6M)且該公司的淨monetary liability部位是用peso進行計價,母公司可以從peso貶值中獲益。
所以在
A選項中借款減資cash:1M+AR:11M-AP:9M-(LTD:8M+X)=-6M-X
B選項中(cash:1M-X)+AR:11M-(AP:9M-X)-LTD:8M=-6M跟之前一樣,風險不變。
C選項中(cash:1M+X)+(AR:11M-X)-AP:9M-LTD:8M=-6M跟之前一樣,風險不變。

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