3. On April 8, 2021, Company R purchased merchandise from an unaffiliated company for 10,000 units of the foreign company's local currency. Company R paid the bill in full on March 1, 2022 when the spot rate was $0.45. The spot rate was $0.60 on April 8, 2021, and was $0.55 on December 31, 2021. For the year ended December 31, 2022, how much gain should be reported by Company R? $1,500 $1,000 $500 O $0

3. On April 8, 2021, Company R purchased merchandise from an unaffiliated company for 10,000 units of the foreign company's local currency. Company R paid the bill in full on March 1, 2022 when the spot rate was $0.45. The spot rate was $0.60 on April 8, 2021, and was $0.55 on December 31, 2021. For the year ended December 31, 2022, how much gain should be reported by Company R? $1,500 $1,000 $500 O $0

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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5. MASAKIT SA BUNGO CORPORATION operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2019, the entity issued 50,000 award credits. The fair value of the award credits is reliably measured at P2,000,000. In 2019, the entity sold goods to customers for a total consideration of P9,000,000 including the fair value of the award credits. The total award credits expected to be redeemed are 80% in 2019 and 85% in 2020. The award credits actually redeemed are 15,000 in 2019 and 7,950 in 2020. What is the revenue earned from points in 202O? * a. P600,000 b. P750,000 c. P330,000 d. P318,000
Apex Ltd, is a computer software manufacturing company based in the United States of America (USA). On 1st January 2019, it sold goods worth Kn10,000.00 to Electro Computers, a company based in Zambia. Electro computers Ltd paid for the software in June 2019. The prevailing exchange rates were: January 2019: Kn12:00 : US $ 1.00 June 2019: Kn 12:30 : US $ 1.00 Required: Show how the necessary accounting entries for the transaction will be reflected in the books of each company.
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