Blossom Exporting Co. is a U.S. wholesaler engaged in foreign trade. The following transactions are representative of its business dealings The company uses a periodic inventory system and is on a calendar-year basis. All exchange rates are direct quotations. Dec. 1 Dec. 29 April 1 April 1 Blossom Exporting purchased merchandise from Chang's Ltd., a Hong Kong manufacturer. The invoice was for 260,000 Hong Kong dollars, payable on April 1. On this same date, Blossom Exporting acquired a forward contract to buy 260,000 Hong Kong dollars on April 1 for $0.1314. Blossom Exporting sold merchandise to Zintel Retailers for 190,000 Hong Kong dollars, receivable in 90 days. No hedging was involved. Blossom Exporting received 190,000 Hong Kong dollars from Zintel Retailers. Blossom Exporting submitted full payment of 260,000 Hong Kong dollars to Chang's, Ltd., after obtaining the 260,000 Hong Kong dollars on its forward contract. Spot rates and the forward rates for the Hong Kong dollar were as follows: Spot Rate Forward Rate for April 1 Delivery Dec. 1 $0.1265 $0.1314 Dec. 29 0.1240 0.1305 Dec. 31 0.1259 0.1308 April 1 0.1430

Blossom Exporting Co. is a U.S. wholesaler engaged in foreign trade. The following transactions are representative of its business dealings The company uses a periodic inventory system and is on a calendar-year basis. All exchange rates are direct quotations. Dec. 1 Dec. 29 April 1 April 1 Blossom Exporting purchased merchandise from Chang's Ltd., a Hong Kong manufacturer. The invoice was for 260,000 Hong Kong dollars, payable on April 1. On this same date, Blossom Exporting acquired a forward contract to buy 260,000 Hong Kong dollars on April 1 for $0.1314. Blossom Exporting sold merchandise to Zintel Retailers for 190,000 Hong Kong dollars, receivable in 90 days. No hedging was involved. Blossom Exporting received 190,000 Hong Kong dollars from Zintel Retailers. Blossom Exporting submitted full payment of 260,000 Hong Kong dollars to Chang's, Ltd., after obtaining the 260,000 Hong Kong dollars on its forward contract. Spot rates and the forward rates for the Hong Kong dollar were as follows: Spot Rate Forward Rate for April 1 Delivery Dec. 1 $0.1265 $0.1314 Dec. 29 0.1240 0.1305 Dec. 31 0.1259 0.1308 April 1 0.1430

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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