Help with questions 2 and 3 2. XYZ has cash of FC 100,000 on both April 30 and May 31, 2010. The applicable spot rates forApril 30 and May 31 are as follows:April 30: 1 US= 5FCMay 31: 1 US= 4FCHow much is the FX transaction gain or loss on May 31, 2010.3. Jones Corp has been doing business in Spain for the last year. In 2009, Jones sold inventory oncredit for US 480,000 with payment not due until January 2011. Jones billed its clients in USdollars. On January 1, 2009 one US dollar purchased .75 euro. On December 31, 2009 one USdollar purchased .76 euro. What is the FX transaction gain or loss for Jones Corp in 2010.

2. XYZ has cash of FC 100,000 on both April 30 and May 31, 2010. The applicable spot rates for April 30 and May 31 are as follows: April 30: 1 US=5FC May 31: 1 US=4FC How much is the FX transaction gain or loss on May 31, 2010.

2. XYZ has cash of FC 100,000 on both April 30 and May 31, 2010. The applicable spot rates for April 30 and May 31 are as follows: April 30: 1 US=5FC May 31: 1 US=4FC How much is the FX transaction gain or loss on May 31, 2010.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Help with questions 2 and 3

2. XYZ has cash of FC 100,000 on both April 30 and May 31, 2010. The applicable spot rates for
April 30 and May 31 are as follows:
April 30: 1 US= 5FC
May 31: 1 US= 4FC
How much is the FX transaction gain or loss on May 31, 2010.
3. Jones Corp has been doing business in Spain for the last year. In 2009, Jones sold inventory on
credit for US 480,000 with payment not due until January 2011. Jones billed its clients in US
dollars. On January 1, 2009 one US dollar purchased .75 euro. On December 31, 2009 one US
dollar purchased .76 euro. What is the FX transaction gain or loss for Jones Corp in 2010.

Expert Solution

Step 1

Hi student

Since there are multiple questions, we will answer only first question.

Forex transaction gain or loss means profit or loss on forex transactions during the period. This is difference between rates at two different dates.

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