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How much gain would the philippine firm record

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Reference no: EM133173204

Question - A Philippine manufacturer has sold goods to a foreign firm for a sale price of 80,000 FC on 12/15/2014. The invoice is due 1/15/2015. The Philippine Firm fiscal year is 12/31/2014. Given the following exchange rates,

12/15 1FC = P0.60

12/31 1FC = P0.65

1/15 1FC = P0.63

Required -

1. How much gain would the Philippine Firm record on 12/31?

2. How much loss would the Philippine Firm record on 1/15?

3. How much is the value of Receivable as of 12/31/2014?

Reference no: EM133173204

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