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Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020: March 1 Bought inventory costing 103,000 pesos on credit.
Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020:
March 1 | Bought inventory costing 103,000 pesos on credit. |
May 1 | Sold 80 percent of the inventory for 83,000 pesos on credit. |
August 1 | Collected 71,500 pesos from customers. |
September 1 | Paid 61,500 pesos to suppliers. |
Currency exchange rates for 1 peso for 2020 are as follows:
Date | U.S. Dollar per Peso | ||
March 1 | $ | 0.12 | |
May 1 | 0.13 | ||
August 1 | 0.14 | ||
September 1 | 0.15 | ||
December 31 | 0.16 | ||
Assume that all receipts were converted into dollars as soon as they were received.
For each of the following accounts, what amount will Voltac report on its 2020 financial statements?
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