On December 1, 2012, Pateros Corporation sold furniture's to Singapore Company. The sellin price of 4,000 Sing Dollars is to be settled in Sing Dollars on March 1, 2013. The followin exchange rates applied: Pateros Company engaged in a forward contract with Citibank to sell th 4,000 Sing Dollars in 90 days. Spot rate Forward rate P22 (90 day) 12/1/12 P26 12/31/12 P24 P23 (60 day) 3/1/13 P21 P21 How much is the balance of the Forward Contract Receivable on December 31, 2012? A. P 88,000 B. P 96,000 C. P 92,000 D. P104,000

On December 1, 2012, Pateros Corporation sold furniture's to Singapore Company. The sellin price of 4,000 Sing Dollars is to be settled in Sing Dollars on March 1, 2013. The followin exchange rates applied: Pateros Company engaged in a forward contract with Citibank to sell th 4,000 Sing Dollars in 90 days. Spot rate Forward rate P22 (90 day) 12/1/12 P26 12/31/12 P24 P23 (60 day) 3/1/13 P21 P21 How much is the balance of the Forward Contract Receivable on December 31, 2012? A. P 88,000 B. P 96,000 C. P 92,000 D. P104,000

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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