Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2018:Mar.1 Bought inventory costing 60,000 pesos on credit.May 1 Sold 60% of the inventory for 54,000 pesos on credit.Aug.1 Collected 48,000 pesos from customersSept.1 Paid 36,000 pesos to creditorsThe appropriate exchange rates during 2018 were as follows:DateExchange RateMarch 1, 2018$.20 = 1 peso May 1, 2018$.22 = 1 peso August 1, 2018$.23 = 1 peso September 1, 2018$.24 = 1 peso December 31, 2018$.25 = 1 peso ?What amount will Coyote Corp. report in its 2018 income statement for Sales?
What will be an ideal response?
Sales (54,000 pesos × $.22) = $11,880
You might also like to view...
Mini-Case Question. What is the total amount of Carbon Footwear's net marketing contribution?
A) $10 million B) $20 million C) $30 million D) $40 million E) $50 million
The textbook suggests a hierarchy of de?nitions for hazard alert messages. Which of the following words means "The potential for death"?
A) Note. B) Warning. C) Danger. D) Caution.
Day traders always trade
A) in the primary market. B) in either the primary or secondary markets. C) with an objective of buying and selling within two hours. D) using margin funding.
Producers who do not know of that their products are potentially dangerous, because such dangers are not revealed until after years of use, are not liable for damages
a. True b. False Indicate whether the statement is true or false