Question
On November 1, 2021, Monica China sold a technology to Monika Saudi Arabia for 1,500,000 saudi riyal. The settlement date is February 1, 2022. Monica
On November 1, 2021, Monica China sold a technology to Monika Saudi Arabia for 1,500,000 saudi riyal. The settlement date is February 1, 2022. Monica China has a fiscal year-end of December 31 and uses Chinese RMB as its functional and reporting currency.
Spot rate November 1, 2021 1.91 RMB
Spot rate December 31, 2021 1.86 RMB
Spot rate February 1, 2022 1.85 RMB
A. Determine Monica Chinas accounts receivable balance on the 2021 balance sheet date.
B. Determine Monica Chinas foreign exchange gain or loss on the 2021 balance sheet date.
C. Determine Monica Chinas foreign exchange gain or loss on the 2022 balance sheet date.
D. Determine Monica Chinas cumulative foreign exchange gain or loss related to this transaction.
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Auditing As Preventive Measure Of Future Financial Crisis Internal Control System Possibilities And Dangers
Authors: Muhammed Zakir Hossain
1st Edition
365918781X, 978-3659187810
