Accounting for Business Combinations: Honesty Company accepted a sales order from a Singaporean Company on October 9, 2022. The contract price was S$100,000. The merchandise was delivered on November 19, 2022. The invoice was dated November 15, 2022, FOB Shipping Point. Full payment was received on January 15, 2023. The spot rate for the Singaporean Dollar on the respective dates is as follows (see image below). Answer the follwing subquestions: a. How much is Foreign Exchange Gain (Loss) to be reported in 2022? b. How much is the Sales to be reported in 2022?
Accounting for Business Combinations: Honesty Company accepted a sales order from a Singaporean Company on October 9, 2022. The contract price was S$100,000. The merchandise was delivered on November 19, 2022. The invoice was dated November 15, 2022, FOB Shipping Point. Full payment was received on January 15, 2023. The spot rate for the Singaporean Dollar on the respective dates is as follows (see image below). Answer the follwing subquestions: a. How much is Foreign Exchange Gain (Loss) to be reported in 2022? b. How much is the Sales to be reported in 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting for Business Combinations:
Honesty Company accepted a sales order from a Singaporean Company on October 9, 2022. The contract price was S$100,000. The merchandise was delivered on November 19, 2022. The invoice was dated November 15, 2022, FOB Shipping Point. Full payment was received on January 15, 2023. The spot rate for the Singaporean Dollar on the respective dates is as follows (see image below).
Answer the follwing subquestions:
a. How much is Foreign Exchange Gain (Loss) to be reported in 2022?
b. How much is the Sales to be reported in 2022?
__________________
Transcribed Image Text:October 9
November 15
November 19
December 31
January 15
32.00
33.50
33.70
34.50
35.00
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