Dont uplode any images in answer On September 1, 2021, Yellowstone Recreation USA acquired services from Outback Excursions Australia for 800,000 Australian Dollars. The settlement date is Ap1, 2022. Yellowstone USA has a fiscal year-end of December 31 and uses USD as its functional and reporting currency.Spot rate September 1, 2021 $0.731Spot rate December 31, 2021Spot rate April 1, 2022$0.726$0.748Determine Yellowstone USA's accounts payable balance on the 2021balance sheet date.Determine Yellowstone USA's foreign exchange gain or loss on the 2021financial statements.Determine Yellowstone USA's foreign exchange gain or loss on the 2022financial statements.Determine Yellowstone USA's cumulative foreign exchange gain or lossrelated to this transaction.Numerical AmountABDFGain (g) or Loss (L)cell not applicableCEGRound all answers to the nearest whole number. For example, 1.234 is rounded to 1 and 1.567 is rounded to 2.The answers to A, B, D, F should be a number. The answers to C, E, and G, should be either G for foreign exchange gain or L for foreign exchange loss.

The disparity among the value of the money at the time it was purchased and the worth of the money…

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Business

Accounting

Dont uplode any images in answer

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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On September 1, 2021, Yellowstone Recreation USA acquired services from Outback Excursions Australia for 800,000 Australian Dollars. The settlement date is Ap
1, 2022. Yellowstone USA has a fiscal year-end of December 31 and uses USD as its functional and reporting currency.
Spot rate September 1, 2021 $0.731
Spot rate December 31, 2021
Spot rate April 1, 2022
$0.726
$0.748
Determine Yellowstone USA's accounts payable balance on the 2021
balance sheet date.
Determine Yellowstone USA's foreign exchange gain or loss on the 2021
financial statements.
Determine Yellowstone USA's foreign exchange gain or loss on the 2022
financial statements.
Determine Yellowstone USA's cumulative foreign exchange gain or loss
related to this transaction.
Numerical Amount
A
B
D
F
Gain (g) or Loss (L)
cell not applicable
C
E
G
Round all answers to the nearest whole number. For example, 1.234 is rounded to 1 and 1.567 is rounded to 2.
The answers to A, B, D, F should be a number. The answers to C, E, and G, should be either G for foreign exchange gain or L for foreign exchange loss.

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