Question
What are the amounts reported for the forward contract receivable and the liability for the purchase from SL at December 31, 2012, and 2/15/ 2013,
What are the amounts reported for the forward contract receivable and the liability for the purchase from SL at December 31, 2012, and 2/15/ 2013, (prior to the settlement of the contract)?
12/31/2012 | 2/15/2013 | ||
A | $10,000 | $40,000 | |
B | $19,600 | $30,000 | |
C | $19,600 | $10,400 | |
D | $20,000 | $30,000 | |
E | $19,600 | $40,000 |
Step by Step Solution
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Step: 1
The correct answer is option C which is 12312012 2152013 19600 10400 Becaus...
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
18th edition
1292162406, 978-1292162409
