Choose the best answer . How much is the foreign exchange gain (loss) is recognized inGoo's 20x1 statement of profit or loss?с. (5,000)d. (10,000)5,000а.b. 10,000A How much accounts receivable from the transaction isincluded in Goo's 20x1 statement of financial position?а. 1,370,000b. 1,375,000c. 1,380,000d. 1,350,0005. How much is the foreign exchange gain (loss) is recognized inGoo's 20x2 statement of profit or loss?а. 10,000b. 30,000с. (10,000)d. (30,000)6. How much is the total foreign exchange gain (loss) recognizedfrom the transaction?а. 20,000b. 25,000c. (20,000)d. (25,000)7. Silver Spoon Co. acquired a fixed asset for $36,000 onNovember 1, 20x1 when the exchange rate was $1.00 = P23.00.At December 31, 20x1, the entity's year-end, the supplier ofthe fixed asset has not been paid and the exchange rate at thattime was $1.00 = P25.00. On the December 31, 20x1 statementof financial position, what will be the values for the fixed assetand the creditor who was unpaid?Fixed assetCreditorа. Р900,000b. Р900,000c. P828,000d. P828,000(RPCPA)P900,000P828,000P828,000P900,000. Little Boy Blue Co. acquired inventory from a foreign entity onNovember 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)DateParticulars13.70 LCUSReceipt of orderDate of shipmentEnd of reporting periodDec. 1, 20x1Dec. 22, 20x113.75Dec. 31, 20x113.80Jan. 8, 20x2Settlement date13.501. How much total sale revenue from the transaction is includedin Goo's 20x1 statement of profit or loss?c. 1,380,000d. 1,350,000а. 1,370,000b. 1,375,0002. How much total sale revenue from the transaction is includedin Goo's 20x2 statement of profit or loss?а. 1,375,000b. 1,380,000c. 1,350,000d. 0

Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Define Top-down analysis
In your opinion what are the three most important areas to use when benchmarking?
Explain sensitivity risk and it's advantages.
what does the sensitivity analysis look like?
Describe sensitivity analysis.
Define strategy.
Why is Scenario Analysis useful?
Describe briefly the importance of Cost-Benefit Analysis in the selection or development of a system.
How is the process of the NPW measure implemented with the decision rule?
What is a sensitivity analysis?