Clark Co., a U.S. corporation, sold inventory on December 1, 2021, with payment of 12,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Spot rate: $1.831 Dec. 31 Spot rate: $1.976 Jan. 30 Spot rate: $1.768 Dec. 1 For what amount should Sales be credited on December 1? Multiple Choice $21,216. $21,972. $23,712. $19,760. $18,310.
Clark Co., a U.S. corporation, sold inventory on December 1, 2021, with payment of 12,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Spot rate: $1.831 Dec. 31 Spot rate: $1.976 Jan. 30 Spot rate: $1.768 Dec. 1 For what amount should Sales be credited on December 1? Multiple Choice $21,216. $21,972. $23,712. $19,760. $18,310.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Clark Co., a U.S. corporation, sold inventory on December 1, 2021, with payment of 12,000
British pounds to be received in sixty days. The pertinent exchange rates were as follows:
Spot rate: $1.831
Dec. 31 Spot rate: $1.976
Jan. 30 Spot rate: $1.768
Dec. 1
For what amount should Sales be credited on December 1?
Multiple Choice
$21,216.
$21,972.
$23,712.
$19,760.
$18,310.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5bd24d5e-ed33-4881-8643-64f182425bac%2Fcd192fa1-958d-41ed-9b3f-4da1c3e6aa86%2Fmj52emx_processed.png&w=3840&q=75)
Transcribed Image Text:Clark Co., a U.S. corporation, sold inventory on December 1, 2021, with payment of 12,000
British pounds to be received in sixty days. The pertinent exchange rates were as follows:
Spot rate: $1.831
Dec. 31 Spot rate: $1.976
Jan. 30 Spot rate: $1.768
Dec. 1
For what amount should Sales be credited on December 1?
Multiple Choice
$21,216.
$21,972.
$23,712.
$19,760.
$18,310.
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