Maroon Company sold supplies in the amount of € 15,000 (euros) to a French company when the exchange rate was $1.15 per euro. At the time of payment, the exchange rate decreased to $1.12. Maroon must record a loss of $450.
Answer the following statement true (T) or false (F)
True
| Value of receivable at date of sale: | 15,000 euros × $1.15/euros = | $ | 17,250 | ||
| Value of receivable at balance of payment: | 15,000 euros × $1.12/euros = | 16,800 | |||
| Loss | $ | 450 |
Business
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