10, 2020 30, 2020 2020 Exchange Rate §1 = $.48 §1 = $.50 §1 = $.44
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Butan Corp. (a U.S. company) made a sale to a foreign customer on September 10, 2020,
for 100,000 widgets. The payment was received on October 10, 2020.
The company's fiscal year is September 30.
The following exchange rates applied:
Date
September 10, 2020
September 30, 2020
October 10, 2020
Exchange Rate
§1 = $.48
§1 = $.50
§1 = $.44
Determine the amount of a foreign exchange gain or loss recorded on October 10, 2020.
(Instruction -Write down the amount without the dollar sign -for example: 100,000 gain)
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