On January 1, 20X6, Clock Inc. of Vancouver purchased 75% of the outstanding shares of Time Limited in London, England. Time Limited's statements of financial position and statements of comprehensive income and changes in equity-retained earnings section for the year ended December 31, 20X7, are below. $\begin{array}{c}\text{ Time Limited}\\ \text{ Statement of Financial Position}\\ \text{ December 31, 20X7}\\ \text{ (in thousands of £′s )}\\ \\ \begin{array}{lrr}\text{ Assets }& 20\times 7& 20\times 6\\ \text{ Cash }& 50& 20\\ \text{ Accounts receivable }& 575& 280\\ \text{ Inventories }& 825& 650\\ \text{ Equipment, net }& \underline{2,670}& \underline{2,937}\\ \text{ Total assets }& \underline{4,120}& \underline{3,887}\\ & & \\ \text{ Liabilities }& & \\ \text{ Accounts payable }& 465& 395\\ \text{ Bonds payable }& 1,290& 1,290\\ \text{ Common shares }& 1,200& 1,200\\ \text{ Retained earnings }& \underline{1,165}& \underline{1,002}\\ \text{ Total liabilities and shareholders’ equity }& \underline{4,120}& \underline{3,887}\end{array}\end{array}$
$\begin{array}{c}\text{ Time Limited}\\ \text{ Statement of Comprehensive Income}\\ \text{ Year Ended December 31, 20X7}\\ \text{ (in thousands of £′s )}\\ \\ \begin{array}{lr}& \pounds \\ \text{ Sales }& \underline{2,170}\\ \text{ Cost of goods sold }& 1,203\\ \text{ Depreciation expense }& 267\\ \text{ Interest expense }& 80\\ \text{ Other expenses }& 407\\ & \underline{1,957}\\ \text{ Comprehensive income }& 213\end{array}\end{array}$


$\begin{array}{c}\text{Time Limited}\\ \text{Statement of Changes in Equity-Partial-Retained earnings section}\\ \text{Year Ended December 31, 20X7}\\ \text{(in thousands of £′s )}\\ \\ \begin{array}{lr}& \pounds \\ \text{ Retained earnings-January }1,20X7& 1,002\\ \text{ Comprehensive income for the year }& 213\\ \text{ Dividends paid }& (50)\\ \text{ Retained earnings - December }31,20X7& 1,165\end{array}\end{array}$
Additional information:
1. Time was incorporated on January 1, 20X3, when it acquired all its equipment for £4,005,000 and issued its 10-year bonds payable.
2. Time's purchases and sales occurred evenly over the year. Inventories on hand at December 31, 20X6, and December 20X7 were purchased evenly over the last quarter of 20X6 and 20X7, respectively. Inventories as at December 31, 20X7, were £650,000.
3. Dividends were paid on March 31, 20X7.
4. Foreign exchange rates are as follows:
$\begin{array}{ll}\text{ January }1,20X3& \pounds 1=C\$1.95\\ \text{ January 1, 20X6 }& \pounds 1=C\$1.85\\ \text{ Average for Oct to Dec, 20X6 }& \pounds 1=C\$1.64\\ \text{ Average for 20X6 }& \pounds 1=\mathrm{C}\$1.73\\ \text{ December }31,20X6/\text{ January }1,20X7& \pounds 1=C\$1.67\\ \text{ March }31,20X7& \pounds 1=C\$1.61\\ \text{ Average for Oct to Dec, }20X7& \pounds 1=C\$1.55\\ \text{ Average for }20X7& \pounds 1=C\$1.57\\ \text{ December }31.20X7& \pounds 1=C\$1.52\end{array}$

Required:
Translate Time's statement of comprehensive income for the year ended December 31, 20X7 into Canadian dollars assuming its functional currency is Canadian dollars. Calculate the translation gain or loss arising in 20X7.

Your company has an available balance of $5,980. A deposit of $1,470 that was made this morning is not yet included in the bank's balance. There are also 2 checks outstanding with a value of $495 each. What is the net float?

A) Net collection float of $480.
B) Net collection float of $975.
C) Net float of $900.
D) Net disbursement float of $480.
E) Net disbursement float of $975.

Samantha Fischer, an inventory manager at Gama Retail, is in charge of fulfilling customer requirements for the company's online store that services global markets. To be able to do this, she is required to be aware of patterns of consumer purchase, consumer needs, and consumer service approaches for different countries. Samantha's role illustrates the _____ of global leadership, which arises because managers are operating in multiple countries, dealing with various cultures, and most importantly recognizing that optimal solutions will vary across different countries.

A) permanence
B) centralized hierarchy
C) structural constancy
D) complexity

Which of the following factors about a competitor is LEAST relevant when using a supply-side approach to market definition?

A) production costs
B) customer insights
C) distribution channels
D) manufacturing processes

They plan,direct,strategize,integrate,coordinate,and prioritize.They are ___ teams.

A) project
B) advisory
C) management
D) work

Emotional intelligence is most important for the job performance of employees with lower levels of ________.

Specific Identification can be used for inventory valuation under $\begin{array}{lll}& \underline{\text{GAAP }}& \underline{\text{ IFRS }}\end{array}$
A) $\begin{array}{lllc}& \text{ Yes }& & \text{ No }\end{array}$
B) $\begin{array}{lllc}& \text{ Yes }& & \text{ Yes }\end{array}$
C) $\begin{array}{lllc}& \text{ No }& & \text{No }\end{array}$
D) $\begin{array}{lllc}& \text{ No }& & \text{Yes }\end{array}$