a. How much is the ForEx gain or (loss) on December 31, 2017?b. How much is the outstanding accounts receivable as of December31, 2017?c. How much is the ForEx gain or (Loss) on March 2, 2018?d. How much is the Net ForEx gain or loss? On November 1,2017, BMK Company a Philippine Based Companyreceived an order of 1,500 units of inventory from a HK Company a U.S. basedCompany for $50,000. The inventory was shipped by BMK Company and billedHK firm on December 1. 2017. BMK Company received the customer remittancein full on March 2, 2018. BMK's fiscal year end is December 31. Assume thatBMK did not engage in any form of hedging activity.The following are the spot rates for U.S. Dollars at various times are as follow:Buying Spot Rates Selling Spot RatesNovember 1. 201739.9040.10December 1. 201740.0040.2040.6040.85December 31, 2017March 2. 201840.4040.70

Answered: Image /qna-images/answer/0b180135-31be-4bca-a9ee-98d5b5af8ffa.jpg

a. How much is the ForEx gain or (loss) on December 31, 2017? b. How much is the outstanding accounts receivable as of December31, 2017? c. How much is the ForEx gain or (Loss) on March 2, 2018? d. How much is the Net ForEx gain or loss?

a. How much is the ForEx gain or (loss) on December 31, 2017? b. How much is the outstanding accounts receivable as of December31, 2017? c. How much is the ForEx gain or (Loss) on March 2, 2018? d. How much is the Net ForEx gain or loss?

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

a. How much is the ForEx gain or (loss) on December 31, 2017?

b. How much is the outstanding accounts receivable as of December31, 2017?

c. How much is the ForEx gain or (Loss) on March 2, 2018?

d. How much is the Net ForEx gain or loss?

On November 1,2017, BMK Company a Philippine Based Company
received an order of 1,500 units of inventory from a HK Company a U.S. based
Company for $50,000. The inventory was shipped by BMK Company and billed
HK firm on December 1. 2017. BMK Company received the customer remittance
in full on March 2, 2018. BMK's fiscal year end is December 31. Assume that
BMK did not engage in any form of hedging activity.
The following are the spot rates for U.S. Dollars at various times are as follow:
Buying Spot Rates Selling Spot Rates
November 1. 2017
39.90
40.10
December 1. 2017
40.00
40.20
40.60
40.85
December 31, 2017
March 2. 2018
40.40
40.70

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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