Reference no: EM132838051
A review of Ace Industries, a U.S. corporation, shows the following balances in accounts receivable and accounts payable detail at September 30, 2011, their fiscal year end.
ACCOUNTS RECEIVABLE
Receivables denominated in U.S. dollar $426,000
Receivable denominated in 40,000 Australian dollar 43,000
Receivable denominated in 70,000 Canadian dollar 71,750
$ 540,750
ACCOUNTS PAYABLE
Payables denominated in U.S. dollar $ 107,000
Payable denominated in 50,000 Canadian dollar 51,250
Payable denominated in 200,000 Hong Kong dollar 26,500
$ 184,750
- As Ace prepared to close their books, they noted that the September 30 exchange rates for the Australian dollar, Canadian dollar and Hong Kong dollar were $1.0366, $1.0301 and $0.1284, respectively.
Problem 1: Calculate the amount of accounts receivable and accounts payable that will be included on the September 30, 2011 balance sheet.
Problem 2: Calculate the exchange gain/(loss) to be included in the 2011 financial statements. Indicate whether it is an exchange gain or loss.
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