Gerung Limited is a Canadian company that had the following transactions in 20X7:
a. Sold goods to a customer in France on 25 November for 110,000 euros.
b. Sold goods to a U. S. customer on 25 November for US$ 40,000.
c. Sold goods on 1 December, to a British customer for 70,000 euros.
d. On 15 December, the customer in transaction (a) paid. At year- end, the other two accounts receivable were still outstanding.

Required:
Calculate the exchange gain or loss to be reported in 20X7, the accounts receivable on the 31 December 20X7 statement of financial position, and the sales revenue to be recorded from the transactions listedabove.

Transcribed Image Text:

EXCHANGE RATES Canadian Equivalencies 25 November 1 December 15 December 31 December Euro 1.55 1.61 1.42 1.47 US$ 1.02 0.98 1.01 1.03