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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!

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