Question
On November 15, 2023, when the spot rate is $0.12/HK$, a U.S. company takes delivery of merchandise priced at HK$1,000,000 from a supplier in Hong
On November 15, 2023, when the spot rate is $0.12/HK$, a U.S. company takes delivery of merchandise priced at HK$1,000,000 from a supplier in Hong Kong. The spot rate is $0.128 on December 31, the companys year-end. Payment of HK$1,000,000 is made to the supplier on February 1, 2024, when the spot rate is $0.123. What is the effect of exchange gains and losses on 2023 and 2024 income?
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How To Beat The IRS At Its Own Game Strategies To Avoid And Fight An Audit
Authors: Amir D Aczel
1st Edition
1568580487, 978-1568580487
