Winston Corp., a U.S. company, had the following foreign currency transactions during 2018:(1.) Purchased merchandise from a foreign supplier on July 16, 2018 for the U.S. dollar equivalent of $47,000 and paid the invoice on August 3, 2018 at the U.S. dollar equivalent of $54,000.(2.) On October 15, 2018 borrowed the U.S. dollar equivalent of $315,000 evidenced by a non-interest-bearing note payable in euros on October 15, 2019. The U.S. dollar equivalent of the note amount was $295,000 on December 31, 2018, and $299,000 on October 15, 2019.What amount should be included as a foreign exchange gain or loss from the two transactions for 2018?
A. $13,000 gain.
B. $11,000 loss.
C. $9,000 loss.
D. $14,000 gain.
E. $9,000 gain.
Answer: A
You might also like to view...
Cal believes criminal penalties for antitrust violations should be increased. Donna believes antitrust offenses should be decriminalized. Based on the scenario, which of the following statements can be inferred?
A) Both subscribe to the Chicago School approach to antitrust policy. B) Both subscribe to the Harvard School approach to antitrust policy. C) Cal's views are closer to the Harvard School approach to antitrust policy. D) Donna's views are closer to the Harvard School approach to antitrust policy.
Which of the following is the first step in the process for planning, preparing, and rehearsing presentations?
A) ?Organizing the message to be delivered B) ?Considering the applicable contextual forces C) ?Rehearsing delivery D) ?Adapting the message to the audience's needs and concerns
What are the advantages of term life insurance?
A) It allows you to increase your insurance coverage for specific reasons and specific time periods. B) With decreasing term coverage, your premiums get smaller as you get older. C) It has no investment feature so it costs less than other forms of insurance. D) All of the above are correct. E) Only A and C are correct.
The Fourth Amendment privacy protections do not apply to business records
Indicate whether the statement is true or false