Question
On April 1, 2020, WWW Company sold merchandise worth a total of 100,000 foreign currency to its foreign customer, receivable within 30 days. On April
On April 1, 2020, WWW Company sold merchandise worth a total of 100,000 foreign currency to its foreign customer, receivable within 30 days. On April 30, 2020, WWW received payment from the customer. The following information of spot rates is provided:
| Buying | Selling |
April 1, 2020 | 44.03 | 44.15 |
April 30, 2020 | 44.10 | 44.20 |
How much is the foreign exchange gain?
Step by Step Solution
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Step: 1
To determine the foreign exchange gain we need to calculate the difference between the ex...
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian edition
119-49633-5, 1119496497, 1119496330, 978-1119496496
