Mr. X received a letter from Mr. Y, his brother, to withdraw $1,000 from the PNB(philippine ational bank). The teller of PNB, however, issued $10,000 to Mr. X in which the latter took the entire money and spent the $9,000 immediately. Assuming that the exchange rate is P50 per $1, how much is the reportable income received by error by Mr. X?

Q: On October 2, 20X4, Duck Corporation borrowed 150,000 British pounds from a London bank, evidenced…

A: Given, Borrowed amount = 150,000 (in British pounds)

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A: Foreign exchange gain refers to the profit realized from the fluctuations in exchange rates when a…

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A: in this case investor return is effected by change in exchange rate

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A: The amount "Seven Thousand Hundred", can be interpreted as: = Seven Thousand TIMES Hundred  Or 7 ×…

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A: Commission refers to an amount that is paid as a charge to a broker for exchanging money from one…

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Q: Assume that a US citizen collected $4,500 in interest from a US denominated account in a French bank…

A: The question is based on the concept of financial analysis.

Q: How much money did she lose or gain?

A: Amount of US$ received = US$9,000 - (0.6% of US$9,000)= US$9,000 - US$54= US$8,946

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A: Foreign Exchange Markets:The "Foreign Exchange Markets" involves trading in various currencies on…

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A: Consolidated economic statements are the general-reason economic statements of a discern…

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A: Buying rate = ¥1 = C$0.01275 exchange rate = ¥1 = C$0.01315

Q: A bank in London, Ontario charges 1.75% commission to buy and sell currencies. Assume that the…

A: USD sold = $1,310Exchange rate = 1.3973Commission rate = 1.75%

Q: Joe discounted a bill of exchange face value OMR 6,000 with the bank, and bank charged a discount of…

A: Total cash paid = Face value of bill - discount amount = OMR 6,000 - OMR 300 = OMR 5,700

Q: Mr. Salim has an overdraft limit of RO 40,000 with Bank Muscat. Today the debit balance in the…

A: Overdraft means that you don't have funds in your account but bank still provides you money.

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A: Rate of Comission= [ Exchange rate - Buying Rate ] / Exchnage Rate

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A: The cash book is prepared to record the cash transaction.

Q: Ben Marino, a seaman, opened a joint bank account, under the expanded foreign currency deposit…

A: Tax is collected by the government with a view to finance the different infrastructural and economic…

Q: Before boarding his flight to Zurich, Switzerland, Ian purchased CHF900 from his bank when the…

A: Variables in the question:When buying CHF, exchange rate was C$1=CHF0.9753When selling CHF,exchange…

Q: 5. Suppose that you have local currency equivalents of the following accounts: • Savings account…

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Q: Assume you can exchange $100 today for C$109.58 or for 1,304 Mexican pesos. Assume that last year,…

A: Following is the answer to the question.

Q: Robert purchased US$10,000 from a bank in America, which charged her a commission of 0.8%, and sold…

A: Purchase Price in US$ = pus =US$10,000Commission rate in America = ca = 0.8%Commission rate in…

Q: Meghan purchased US$11,000 from a bank in America, which charged her a commission of 0.6%, and sold…

A: Exchange rates are the rates at which one country's currency can be exchanged with that of another…

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A: If any entity has transactions that are denominated in a currency other than its functional currency…

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