How much should it report as forrign income exhange loss
Course:- Accounting Basics
Reference No.:- EM13135999

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Post, Inc. had a rceivable from a foreign customer that is a payble in the customer's local currency. ON 12/31/2011, Post correctly included this receivable for 200,000 local currency units (lcu) in its balance sheet at $111,000. When Post Collected the receivable on February 15, 2012, the U.S. dolalr equivalent was $95,000. In PoST'S 2010 Consolidated income statement, how much should it report as forrign income exhange loss?

Please provide explanation.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Accounts receivable, bad debts, credit sales, and cash collections analysis At the beginning of the year. Calculate the balances at the end of the year for the Accounts Receiv
A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2006. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. U
Suppose that at the end of 2010, the Lancer Boutique used $1.5 million cash to pay off $1.5 million of accounts payable. Compute the new current ratio?
What is each partners beginning putside basis and how much gain(loss) must the partners recognize in 2010 when Picture Perfect was formed?
Smart Investors, Inc., is expected to pay a dividend of $4.20 in the upcoming year. Dividends are expected to grow at the rate of 8% per year. The riskless rate of return is 4
On average, 90 patrons arrive per hour at a hotel lobby (interarrival times are exponential) waiting to check in. At present there are five clerks, and patrons wait in a sin
The Pew Internet & American Life Project routinely conducts surveys to gauge the im- pact of the Internet and technology on daily life. A recent survey asked respondents if
The following study guide may NOT have the same exact questions on your test! However, this study guide WILL help you ace the ACC/548 Final Exam. The guide covers the same t