On December 23, 2019, the liaison officer of Alam Co was given anP18,000 travel advance for a 10-day trip to Hong Kong.day, the amount was converted into 36,000 Hong Kong dollars(HK$). During the 10-day trip, the HK$ steadily weakened againstthe peso. The exchange rate at December 31, 2019 was HK$1equals P.48. On January 5, 20x10, the liaison officer returned andsubmitted to the company cashier HK$3,300 and receipts forHK$32,700 baht that he spent. On this date, the exchange ratewas HK$1 equals P.42. Of the HK$32,700 spent during the trip,HK$17,100 had been spent by December 31, 2019.7) Determine the foreign exchange gain or loss on December 31,On that2019.a. 549 lossb. 378 lossC. 1,022 lossd. 8,298 loss

On december 31, 2019: Exchange rate was HK$1=P.48 On december 23,2019 , travel advance of P18000…

On December 23, 2019, the liaison officer of Alam Co was given an P18,000 travel advance for a 10-day trip to Hong Kong. On that day, the amount was converted into 36,000 Hong Kong dollars (HK$). During the 10-day trip, the HK$ steadily weakened against the peso. The exchange rate at December 31, 2019 was HK$1 equals P.48. On January 5, 20x10, the Iliaison officer returned and submitted to the company cashier HK$3,300 and receipts for HK$32,700 baht that he spent. was HK$1 equals P.42. Of the HK$32,700 spent during the trip, HK$17,100 had been spent by December 31, 2019. 7) Determine the foreign exchange gain or loss on December 31, On this date, the exchange rate 2019. a. 549 loss b. 378 loss C. 1,022 loss d. 8,298 loss

On December 23, 2019, the liaison officer of Alam Co was given an P18,000 travel advance for a 10-day trip to Hong Kong. On that day, the amount was converted into 36,000 Hong Kong dollars (HK$). During the 10-day trip, the HK$ steadily weakened against the peso. The exchange rate at December 31, 2019 was HK$1 equals P.48. On January 5, 20x10, the Iliaison officer returned and submitted to the company cashier HK$3,300 and receipts for HK$32,700 baht that he spent. was HK$1 equals P.42. Of the HK$32,700 spent during the trip, HK$17,100 had been spent by December 31, 2019. 7) Determine the foreign exchange gain or loss on December 31, On this date, the exchange rate 2019. a. 549 loss b. 378 loss C. 1,022 loss d. 8,298 loss

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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