Question
a. A U.S. manufacturer has sold goods to a foreign firm for a sale price of 80,000 FC on 15/12/2019. The invoice is due 25/02/2020.
a. A U.S. manufacturer has sold goods to a foreign firm for a sale price of 80,000 FC on 15/12/2019. The invoice is due 25/02/2020. The U.S. Firm fiscal year is 31/12. Given the following exchange rates:- 15/12/2019 1FC = $0.60 US Dollars 31/12/2019 1FC = $0.65 US Dollars 25/02/2020 1FC = $0.63 US Dollars What gain or loss would the U.S. firm record on 25/02/2020?
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Audit Guide Audit Sampling
Authors: AICPA
2nd Edition
195068833X, 978-1950688333
