Question
Company D, a domestic entity, sold goods to a British company on 5/10 with the transaction denominated in Pounds. The sales price of the goods
Company D, a domestic entity, sold goods to a British company on 5/10 with the transaction denominated in Pounds. The sales price of the goods was 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 6/10, and Company D prepares their financials monthly. Relevant exchanges rates are 5/10 1 = $1.30, 5/31 1 = $1.40, and 6/10 1 = $1.45. Based on this information, how much would accounts receivable need to be revalued by on 6/10?
Question 7 options:
$25,000 increase
$0
$25,000 decrease
$12,500 increase
Question 12 The type of government financial statement that consolidates all operations on a full accrual basis are the:
Question 12 options:
Fund financial statements | |||||||||
Profit and Loss Statement
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Statement of Retained Earnings | |||||||||
Government-wide statements
An intergovernmental transfer of funds is recorded as ____________ if received prior to time period of use or collection will not generate resources available for use in current year. Question 15 options:
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