CASE MATERIAL V'
The audit of Almax Company and its subsidiaries for the year ended June 30, 2010 was completed and the trial balance on the attached spreadsheet was prepared. Ruster is domestic subsidiary and Voiles is a foreign subsidiary located in Lyons France. Voiles conducts all of its transactions in Euros, which constitute its functional cutreuey.
Prepare excel spreadsheets for the translation of the foreign subsidiary to U.S. dollars and the consolidation of all three companies. Your spreadsheets should make extensive use of formulas which automatically make calculations. Supporting schedules (such as intercompany profit sclaeduks and purchase price allocations) should be shown on your spreadsheets and automatically carried into your solution.
Suggestion: When doing the consolidation do it in financial statement format not trial balance format.
Attachment:- Excel Consolidation Project.xlsx