Question
The Philippine corporation purchased merchandise from a US firm for USD$15,000 on November 1, 2021. Also on the same date the Philippine corporation sold merchandise
The Philippine corporation purchased merchandise from a US firm for USD$15,000 on November 1, 2021. Also on the same date the Philippine corporation sold merchandise to a US firm for USD$30,000.
The following rates were available:
|
| Buying Rate | Selling Rate |
| November 1, 2021 | US$1 = P46.00 | P1 = $.021505 |
| December 31, 2021 | US$1 = P45.80 | P1 = $.021277 |
| January 31, 2022 | US$1 = P46.20 | P1 = $.022222 |
- What is the amount of sales revenue recognized for the year end 2021?
- What is the carrying amount of the accounts receivable on December 31, 2021?
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Auditing And Assurance A Case Studies Approach
Authors: LexisNexis
7th Edition
0409343943, 978-0409343946
