User Account

All Pages

How much should have reported as a foreign exchange gain

Assignment Help Accounting Basics
Reference no: EM131773144

Question - Mills Inc. had a receivable from a foreign customer that is due in the local currency of the customer (stickles). On December 31, 2008, this receivable for §200,000 was correctly included in Mills' balance sheet at $132,000. When the receivable was collected on February 15, 2009, the U.S. dollar equivalent was $144,000. In Mills' 2009 consolidated income statement, how much should have been reported as a foreign exchange gain?

Reference no: EM131773144

Questions Cloud

Determine the posterior mean pollutant concentration : The air quality in a building is of interest to an environmental engineer. The mean air quality is measured in the form of the amount of pollutant in the air.
Prepare the adjusting journal entry on december : Mahon Corporation issued 1,000 6%, 5-year, $3,344 bonds dated January 1, 2010, at face value. Prepare the adjusting journal entry on December 31, 2010
Discuss exceptions that management by exception considers : What are the exceptions that management by exception considers, How does consideration of these exceptions assist a business
What are the three components of orientation : What are the three components of this orientation? How can Coca-Cola maximize growth through each component given the decline in soda consumption?
How much should have reported as a foreign exchange gain : In Mills' 2009 consolidated income statement, how much should have been reported as a foreign exchange gain
Compute the reliability index and the failure probability : Compute the reliability index and the failure probability assuming that the mean ratio of C/F is 1.0, 1.2, 1.4, 1.6, 1.8, 2.0, 2.2, 2.4, 2.6, 2.8, and 3.0.
Describe the command and control process : Describe the Command and Control Process. Describe the role of the Incident Commander. Define the term "Span of Control."
What is the controlling interest in consolidated net income : Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009. What is the controlling interest in consolidated net income
Evaluate a major financial decision you have made recently : Evaluate a major financial decision you have made recently or are considering. (ie buy vs lease car, educational degree, buy vs rent apartment).

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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