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How much is the outstanding accounts payable of december

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Reference no: EM132838177

On September 1, 2020, JLN Company a Philippine company ordered 1,000 units of inventory from a US Company for $25,000. The inventory was shipped and invoiced to JLN on December 1, 2020 to be paid on February 1, 2021. JLN's fiscal year end is December 31. Assume that JLN did not engage in any form of hedge activity. The following are the spot rates for US Dollars at various times are as follows:

                                              Buying Spot Rates                  Selling Spot Rates

September 1, 2020               38.90                               40.10
December 1, 2020                40.00                                40.30
December 31, 2020             40.60                                  40.85
February 1, 2021                40.45                                  40.65

Problem 1. How much is the forex gain or (loss) on December 31, 2020?

A. (6,250)
B. (13,750)
C. (15,000)
D. (18,750)

Problem 2. How much is the outstanding accounts payable of December 31, 2020?

A. 1,015,000
B. 1,016,250
C. 1,021,250
D. 1,035,000

Problem 3. How much is the forex or (loss) on February 1,2021?

A. (5,000)
B. 5,000
C. 3,750
D. (3,750)

Problem 4. How much is the next forex gain or (loss)

A. 11,250
B. (11,250)
C. 8,750
D. (8,750)

Reference no: EM132838177

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