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How much account receivable from the transaction

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Question - Goo Co. sold inventory to a foreign entity for 100,000 FCUs (foreign currency units). Relevant information as follows:

Date

Particulars

Exchange Rates (1 FCU to LCUs)

12/1/20x1

Receipt of Order

13.70 LCUs

12/22/20x1

Date of Shipment

13.75

12/31/20x1

End of reporting date

13.80

1/8/20x2

Settlement date

13.50

Required -

1. How much is the total foreign exchange gain (loss) from the transaction?

2. How much account receivable from the transaction is included in Goo's 20x1 statement of financial position?

3. How much is the foreign exchange gain (loss) is recognized in Goo's 20x1 statement of profit or loss

4. How much is the foreign exchange gain (loss) is recognized in Goo's 20x2 statement of profit or loss

5. How much total sale revenue from the transaction is included in Goo's 20x2 statement of profit or loss?

Reference no: EM132806501

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