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Syrup Co, which reports in $, sells goods to a UK company for 200,000 on 1 November 20X0 when the exchange rate is $1.40: 1.
Syrup Co, which reports in $, sells goods to a UK company for 200,000 on 1 November 20X0 when the exchange rate is $1.40: 1. At the year end of 31 December 20X0, half of the goods remain in stock and none of the amount owed has been received; the exchange rate at this date is $1.25: 1. What amount does Syrup Co report in profit or loss as an exchange gain or loss in the year ended 31 December 20X0? A) Loss of $15,000 B) Loss of $30,000 C) Gain of $30,000 D) Gain of $15,000
What amount does Syrup Co report in profit or loss as an exchange gain or loss in the year ended 31 December 20X0?
A) Loss of $15,000
B) Loss of $30,000
C) Gain of $30,000
D) Gain of $15,000
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