Exercise 12-6 Agentel Corporation is a U.S.-based importing-exporting company. The company entered into the following transactions during the month of November. Nov. | | 6 | | Purchased merchandise from AGT, a Swiss firm, for 650,000 francs. | | | 5 | | Sold merchandise to SLS, Inc., a firm located in Rio De Janeiro, for $180,000. | | | 18 | | Sold merchandise to TNT, Ltd., a British firm, for 130,000 pounds. | | | 20 | | Purchased merchandise from SDS, Ltd., a British firm, for $170,000. | All the transactions were unsettled at December 31, Agentels fiscal year-end. Spot rates are as follows: | | | | Currency | Date | | Franc | | Real | | Pound | November 6 | | $0.490 | | $0.412 | | $1.520 | November 15 | | 0.487 | | 0.409 | | 1.509 | November 18 | | 0.476 | | 0.414 | | 1.506 | November 20 | | 0.468 | | 0.405 | | 1.498 | December 31 | | 0.460 | | 0.398 | | 1.482 | | | | |
| (a) Compute the amount that Agentel would report for each unsettled receivable and payable in its balance sheet prepared at December 31. | | Amount | Accounts Receivable | | | SLS, Inc. (denominated in $) | | $ | TNT, Ltd. | | | Accounts Payable | | | AGT | | | SDS, Ltd. (denominated in $) | | $ | | | |
Exercise 12-6 Agentel Corporation is a U.S.-based importing-exporting company. The company entered into the following transactions during the month of November Nov. 6 Purchased merchandise from AGT, a Swiss firm, for 650,000 francs. 5 Sold merchandise to SLS, Inc., a firm located in Rio De Janeiro, for $180,000. 18 Sold merchandise to TNT, Ltd., a British firm, for 130,000 pounds. 20 Purchased merchandise from SDS, Ltd., a British firm, for $170,000. All the transactions were unsettled at December 31, Agentel's fiscal year-end. Spot rates are as follows: Date November 6 November 15 November 18 November 20 December 31 Franc $0.490 0.487 0.476 0.468 0.460 Currency Real Pound $0.412 $1.520 0.409 1.509 0.414 1.506 0.405 1.498 0.398 1.482 (a) Compute the amount that Agentel would report for each unsettled receivable and payable in its balance sheet prepared at December 31. Amount Accounts Receivable SLS, Inc. (denominated in $) TNT, Ltd. Accounts Payable AGT SDS, Ltd. (denominated in s) LINK TO TEXT Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER (b) The parts of this question must be completed in order. This part will be available when you complete the part above