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Company A, a domestic entity, sold goods to a British company on 3/5 with the transaction denominated in Pounds. The sales price of the goods was £100,000, and the cost of the goods was $60,000. The receivable is payable in full on 4/5, and Company A prepares their financials monthly. Relevant exchanges rates are 3/5 £1 = $1.20, 3/31 £1 = $1.23, and 4/5 £1 = $1.18.
Problem 1: How much would Company A book to their Accounts Receivable on 3/5?
Problem 2: On 3/31, how much would they need to revalue A/R by?
Problem 3: On 4/5, how much would they collect in U.S. dollars?
Problem 4: On 4/4, how much would that gain or loss be?
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