Business, 27.12.2020 15:50 rosezgomez97
On November 1, 20X1, A U. S. company sold merchandise to a foreign company for 375,000 kroner. The payment in krone is due on January 31, 20X2. The spot rate was as follows: $0.20 per krone on November 1, 20X1; $0.21 per krone on December 31, 20X1; and $0.19 per krone on January 31, 20X2 when the payment was received. Which of the following incorrectly describes the accounting for this foreign currency transaction?
a. The receivable was recorded at $150,000 on December 1, 2018.
b. The receivable was recorded at $142,500 on the December 31, 2018 balance sheet.
c. The foreign currency transaction gain included on the income statement for the year ending December 31, 2018 was $7,500.
d. The foreign currency transaction gain included on the income statement for the year ending December 31, 2019 was $15,000.
Answers: 3
Business, 22.06.2019 14:30, ayoismeisjjjjuan
Amethod of allocating merchandise cost that assumes the first merchandise bought was the first merchandise sold is called the a. last-in, first-out method. b. first-in, first-out method. c. specific identification method. d. average cost method.
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Business, 22.06.2019 20:00, ethanyayger
Acompetitive market in healthcare would a. overprovide healthcare because the marginal social benefit of healthcare exceeds the marginal benefit perceived by consumers b. underprovide healthcare because it would eliminate medicare and medicaid c. underprovide healthcare because the marginal social benefit of healthcare exceeds the marginal benefit perceived by consumers d. overprovide healthcare because it would be similar to the approach used in canada
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Business, 23.06.2019 08:30, wmaingrette1
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On November 1, 20X1, A U. S. company sold merchandise to a foreign company for 375,000 kroner. The p...
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