DE 16-18 Suppose Nike Incorporated sells athletic shoes to a Russian company on March 14. Nike agrees

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DE 16-18 Suppose Nike Incorporated sells athletic shoes to a Russian company on March 14. Nike agrees to accept 2,000,000 Russian rubles. On the date of sale, the ruble is quoted at $0.036. Nike collects half the receivable on April 19, when the ruble is worth $0.034. Then. on May 10, when the price of the ruble is $0.037. Nike collects the final amount. Journalize these three transactions for Nike. Overall, how well did Nike come out in terms of a net foreign-currency gain or loss?

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Accounting

ISBN: 9780130906991

5th Edition

Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones

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