Tristan Narvaja Based on the balance sheet in the text (p. 318), calculate Tristan Narvaja’s contribution to its parent’s translation loss if the exchange rate on December 31st is $U12/$, except for capital stocks and retained earnings for which it is $U15/$. Assume all Uruguayan peso ($U) accounts remain as they were at the beginning of the year. Determinate Montevideo's contribution to the translation exposure of its parent on January 1st, using the current rate method:
- Accounting net exposure (whole $U):
- Exchange rate translation exposure (whole $U):
Balance Sheet (thousands of pesos Uruguayo, $U)
Assets Liabilities and Net Worth
Cash $U60,000 Current liabilities $U30,000
Accounts receivable120,000 Long-term debt 90,000
Inventory 120,000 Capital stock 300,000
Net plant &
equipment 240,000 Retained earnings $U540,000
$U540,000 120,000

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In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a. no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative. b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child. c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative. d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.