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Question
Lawrence Company, a U.S. company, ordered parts costing 1,000,000 Thailand bahts from a foreign supplier on July 7 when the spot rate was $.025 per baht. A one-month forward contract was signed on that date to purchase 1,000,000 bahts at a rate of $.027.
The forward contract is properly designated as a fair value hedge of the 1,000,000 baht firm commitment.
On August 7, when the parts are received, the spot rate is $.028. What is the amount of accounts payable that will be paid at this date?
Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Oct. 2 Purchased merchandise at a $3,000 price, invoice dated October 2, terms 2/10, n/30.
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