Question
In a recent financial journal, the exchange rate between the dollar and the British pound was quoted in two ways: Exchange rate (in dollars) $
In a recent financial journal, the exchange rate between the dollar and the British pound was quoted in two ways:
| Exchange rate (in dollars) | $ 1.60 |
|---|---|
| Exchange rate (in pounds) | 0.625 |
The number of pounds equal to $56,000 on this date is:
Multiple Choice
Depends upon whether the item is a receivable or a payable.
36,400.
89,600.
35,000.
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Advanced Accounting
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
11th Edition
978-0132568968, 9780132568968
