User Account

All Pages

How much foreign exchange gain or loss should peter record

Assignment Help Financial Accounting
Reference no: EM132769354

Peter purchases raw materials from its foreign supplier, Sawyer, on February 1, 2020. Payment of 4,700,000 foreign currency units (FC) is due in 30 days, June 30, 2020 fiscal year-end. The pertinent exchange rates were as follows:

Date                  Spot Rate

February 1       P1.25

June 30         P1.26

July 31          P1.20

Problem 1: How much foreign exchange gain or loss should Peter record on June 30, 2020?

Group of answer choices

a. P470 loss

b. P470 gain

c. P47,000 loss

d. P47,000 gain

Reference no: EM132769354

Questions Cloud

Why should organization should implement a diversity program : Why should an organization should implement a diversity program. Assume that the diversity program will have the objective of developing a more diverse.
What are some good qualities that make women well suited : What are some good qualities that make women (more so than men) well suited to assume high-level leadership roles? The response must be typed.
How you would address employee career issues : List three actions that organizations can take to address employee career issues. Which one of these would you most like to see used in an organization.
Which core competencies do you anticipating needing tomorrow : Please explain in details the role of Human Resource Management in organizations today. Which competencies do you consider core for your organization and why?
How much foreign exchange gain or loss should peter record : Peter purchases raw materials from its foreign supplier, How much foreign exchange gain or loss should Peter record on June 30, 2020?
How much is the total accounts payable on december : On September 1, 2020, LKLD Co., How much is the total accounts payable on December 31, 2020 statement of financial position?
How could christian perspectives prevent an employee : How could Christian perspectives prevent an employee from performing their required duties? As an HR representative, what legal and ethical responsibilities.
How much is the cost of computer on december statement : How much is the cost of computer on December 31, 2021 statement of financial position? On September 1, 2020, LKLD Co. acquired a computer for $100,000
What is the exchange rate on the settlement date : What is the exchange rate on the settlement date? LKLD Co. reported foreign exchange loss of P15,000 in 2020 financial statement and P10,000 foreign exchange

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd