Do not give solution in image format On June 1, 2008, ABC a Filipino Co bought goods costing $10,000 from XYZ, an American Co. On July 1, 2008, DEF an AmericanCo bought goods costing $15,000 from ABC Co. ABC Co. closes its books on December 31, 2008. XYZ Co. was paid January 5, 2009.DEF Co. paid March 15, 2009Spot Rates:BuyingSellingJune 1P50$.0190July 1P47$.01851. What is the effect of the foreign exchangea. P30,500b. P29,0002.What is the effect of thea P58,000foreign exchangeb. P49,500December 31P 48$.0195January 5P46$.02March 15P51$.0180gain or (loss) on the net income of ABC Co on December 31, 2008?c. (P29,495) d. (P28,495)gain or (loss) on the net income of ABC Co on December 31, 2009?c. P32,000d. P75,500

Foreign currency transactions may include but are not limited to buying (import), selling (export),…

On June 1, 2008, ABC a Filipino Co bought goods costing $10,000 from XYZ, an American Co. On July 1, 2008, DEF an American Co bought goods costing $15,000 from ABC Co. ABC Co. closes its books on December 31, 2008. XYZ Co. was paid January 5, 2009. DEF Co. paid March 15, 2009 Spot Rates: Buying Selling June 1 P50 $.0190 July 1 P47 $.0185 2. What is the effect of the P58,000 a December 31 P 48 $.0195 January 5 P46 $.02 March 15 P51 $.0180 1. What is the effect of the foreign exchange a. P30,500 b. P29,000 foreign exchange gain or (loss) on the net income of ABC Co on December 31, 2009? b. P49,500 c. P32,000 d. P75,500 gain or (loss) on the net income of ABC Co on December 31, 2008? c. (P29,495) d. (P28,495)

On June 1, 2008, ABC a Filipino Co bought goods costing $10,000 from XYZ, an American Co. On July 1, 2008, DEF an American Co bought goods costing $15,000 from ABC Co. ABC Co. closes its books on December 31, 2008. XYZ Co. was paid January 5, 2009. DEF Co. paid March 15, 2009 Spot Rates: Buying Selling June 1 P50 $.0190 July 1 P47 $.0185 2. What is the effect of the P58,000 a December 31 P 48 $.0195 January 5 P46 $.02 March 15 P51 $.0180 1. What is the effect of the foreign exchange a. P30,500 b. P29,000 foreign exchange gain or (loss) on the net income of ABC Co on December 31, 2009? b. P49,500 c. P32,000 d. P75,500 gain or (loss) on the net income of ABC Co on December 31, 2008? c. (P29,495) d. (P28,495)

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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