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On June 1, 2008, JOB Corporation, Japanese company bought goods from NNN Co, a Filipino Co. costing Y1,000,000 payable in fiv equal monthly installments starting July 1, 2008 July 1 August June 1 Y0.25 YO.27 Y0.30 YO.27 YO.29 Y0.32 Spot rates Buying Pl= Selling Pl= Sept 1 Oct 31 Nov.1 Y0.26 YO.28 Y0.31 YO.28 Y0.33 Y0.30 If JOB Corporation closes it books on October 31, 2008 3. What is the foreign exchange gain or loss to be recognized by JOB Corporation for the fiscal year ended October 31, 2008? a. (P2,000) b. (P6.000) c. PO d. (P3.000)

On June 1, 2008, JOB Corporation, Japanese company bought goods from NNN Co, a Filipino Co. costing Y1,000,000 payable in fiv equal monthly installments starting July 1, 2008 July 1 August June 1 Y0.25 YO.27 Y0.30 YO.27 YO.29 Y0.32 Spot rates Buying Pl= Selling Pl= Sept 1 Oct 31 Nov.1 Y0.26 YO.28 Y0.31 YO.28 Y0.33 Y0.30 If JOB Corporation closes it books on October 31, 2008 3. What is the foreign exchange gain or loss to be recognized by JOB Corporation for the fiscal year ended October 31, 2008? a. (P2,000) b. (P6.000) c. PO d. (P3.000)

FINANCIAL ACCOUNTING
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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On June 1, 2008, JOB Corporation, Japanese company bought goods from NNN Co, a Filipino Co. costing Y1,000,000 payable in five equal monthly installments starting July 1, 2008 June 1 YO.25 July 1 August Spot rates Buying Pl= Sept 1 Y0.26 YO.27 YO.30 YO.27 YO.29 Y0.32 Selling P1= Y0.28 If JOB Corporation closes it books on October 31, 2008 3. What is the foreign exchange gain or loss to be recognized by JOB Corporation for the fiscal year ended October 31, 2008? b. (P6,000) c. PO d. (P3,000) a (P2,000) Oct 31 Y0.31 YO.28 Y0.33 YO.30 Nov.1
Transcribed Image Text:On June 1, 2008, JOB Corporation, Japanese company bought goods from NNN Co, a Filipino Co. costing Y1,000,000 payable in five equal monthly installments starting July 1, 2008 June 1 YO.25 July 1 August Spot rates Buying Pl= Sept 1 Y0.26 YO.27 YO.30 YO.27 YO.29 Y0.32 Selling P1= Y0.28 If JOB Corporation closes it books on October 31, 2008 3. What is the foreign exchange gain or loss to be recognized by JOB Corporation for the fiscal year ended October 31, 2008? b. (P6,000) c. PO d. (P3,000) a (P2,000) Oct 31 Y0.31 YO.28 Y0.33 YO.30 Nov.1
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