Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brief Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2017, Brief correctly included this

image text in transcribed
Brief Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2017, Brief correctly included this receivable for 267,500 local currency units (LCU) in its balance sheet at $145,000. When Brief collected the receivable on February 15, 2018, the U.S dollar equivalent was $157,900. In Brief's 2018 consolidated income statement, how much should it report as a foreign exchange gain? Multiple Choice O $30,800 $30,800 0 0 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing

Authors: Michael C Knapp

12th Edition

357515404, 978-0357515402

More Books

Students also viewed these Accounting questions

Question

Why do plans fail in spite of the best efforts of management?

Answered: 1 week ago