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Goo Co. sold inventory to à foreign entity 10i 100,000 FCUS (foreign currency units). Relevant information follows: Exchange rates (1 FCU to LCUS) Date Particulars 13.70 LCUS Receipt of order Dec. 22, 20x1 Date of shipment End of reporting period Dec. 1, 20x1 13.75 Dec. 31, 20x1 13.80 Jan. 8, 20x2 Settlement date 13.50 1. How much total sale revenue from the transaction is included in Goo's 20x1 statement of profit or loss? c. 1,380,000 d. 1,350,000 a. 1,370,000 b. 1,375,000 2. How much total sale revenue from the transaction is included in Goo's 20x2 statement of profit or loss? а. 1,375,000 c. 1,350,000 d. 0 b. 1,380,000

Goo Co. sold inventory to à foreign entity 10i 100,000 FCUS (foreign currency units). Relevant information follows: Exchange rates (1 FCU to LCUS) Date Particulars 13.70 LCUS Receipt of order Dec. 22, 20x1 Date of shipment End of reporting period Dec. 1, 20x1 13.75 Dec. 31, 20x1 13.80 Jan. 8, 20x2 Settlement date 13.50 1. How much total sale revenue from the transaction is included in Goo's 20x1 statement of profit or loss? c. 1,380,000 d. 1,350,000 a. 1,370,000 b. 1,375,000 2. How much total sale revenue from the transaction is included in Goo's 20x2 statement of profit or loss? а. 1,375,000 c. 1,350,000 d. 0 b. 1,380,000

FINANCIAL ACCOUNTING
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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. How much is the foreign exchange gain (loss) is recognized in Goo's 20x1 statement of profit or loss? с. (5,000) d. (10,000) 5,000 а. b. 10,000 A How much accounts receivable from the transaction is included in Goo's 20x1 statement of financial position? а. 1,370,000 b. 1,375,000 c. 1,380,000 d. 1,350,000 5. How much is the foreign exchange gain (loss) is recognized in Goo's 20x2 statement of profit or loss? а. 10,000 b. 30,000 с. (10,000) d. (30,000) 6. How much is the total foreign exchange gain (loss) recognized from the transaction? а. 20,000 b. 25,000 c. (20,000) d. (25,000) 7. Silver Spoon Co. acquired a fixed asset for $36,000 on November 1, 20x1 when the exchange rate was $1.00 = P23.00. At December 31, 20x1, the entity's year-end, the supplier of the fixed asset has not been paid and the exchange rate at that time was $1.00 = P25.00. On the December 31, 20x1 statement of financial position, what will be the values for the fixed asset and the creditor who was unpaid? Fixed asset Creditor а. Р900,000 b. Р900,000 c. P828,000 d. P828,000 (RPCPA) P900,000 P828,000 P828,000 P900,000 . Little Boy Blue Co. acquired inventory from a foreign entity on November 28, 20x1 for 10,000 foreign currency units (FCU). Little Boy Blue paid the bill on January 2, 20x2 when the spot
Transcribed Image Text:. How much is the foreign exchange gain (loss) is recognized in Goo's 20x1 statement of profit or loss? с. (5,000) d. (10,000) 5,000 а. b. 10,000 A How much accounts receivable from the transaction is included in Goo's 20x1 statement of financial position? а. 1,370,000 b. 1,375,000 c. 1,380,000 d. 1,350,000 5. How much is the foreign exchange gain (loss) is recognized in Goo's 20x2 statement of profit or loss? а. 10,000 b. 30,000 с. (10,000) d. (30,000) 6. How much is the total foreign exchange gain (loss) recognized from the transaction? а. 20,000 b. 25,000 c. (20,000) d. (25,000) 7. Silver Spoon Co. acquired a fixed asset for $36,000 on November 1, 20x1 when the exchange rate was $1.00 = P23.00. At December 31, 20x1, the entity's year-end, the supplier of the fixed asset has not been paid and the exchange rate at that time was $1.00 = P25.00. On the December 31, 20x1 statement of financial position, what will be the values for the fixed asset and the creditor who was unpaid? Fixed asset Creditor а. Р900,000 b. Р900,000 c. P828,000 d. P828,000 (RPCPA) P900,000 P828,000 P828,000 P900,000 . Little Boy Blue Co. acquired inventory from a foreign entity on November 28, 20x1 for 10,000 foreign currency units (FCU). Little Boy Blue paid the bill on January 2, 20x2 when the spot
Goo Co. sold inventory to a foreign entity for 100,000 FCU. (foreign currency units). Relevant information follows: Exchange rates (1 FCU to LCUS) Date Particulars 13.70 LCUS Receipt of order Date of shipment End of reporting period Dec. 1, 20x1 Dec. 22, 20x1 13.75 Dec. 31, 20x1 13.80 Jan. 8, 20x2 Settlement date 13.50 1. How much total sale revenue from the transaction is included in Goo's 20x1 statement of profit or loss? c. 1,380,000 d. 1,350,000 а. 1,370,000 b. 1,375,000 2. How much total sale revenue from the transaction is included in Goo's 20x2 statement of profit or loss? а. 1,375,000 b. 1,380,000 c. 1,350,000 d. 0
Transcribed Image Text:Goo Co. sold inventory to a foreign entity for 100,000 FCU. (foreign currency units). Relevant information follows: Exchange rates (1 FCU to LCUS) Date Particulars 13.70 LCUS Receipt of order Date of shipment End of reporting period Dec. 1, 20x1 Dec. 22, 20x1 13.75 Dec. 31, 20x1 13.80 Jan. 8, 20x2 Settlement date 13.50 1. How much total sale revenue from the transaction is included in Goo's 20x1 statement of profit or loss? c. 1,380,000 d. 1,350,000 а. 1,370,000 b. 1,375,000 2. How much total sale revenue from the transaction is included in Goo's 20x2 statement of profit or loss? а. 1,375,000 b. 1,380,000 c. 1,350,000 d. 0
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