Answer in step by step with explanation.Don't use Ai and chatgpt Prob-13 (LG 9-6)Citibank holds $29 million in foreign exchange assets and $20 million in foreign exchange liabilities.Citibank also conducted foreign currency trading activity in which it bought $6 million in foreign exchangecontracts and sold $17 million in foreign exchange contracts.a. What is Citibank's net foreign assets? (Enter your answer in millions.)Net foreign assets$millionb. What is Citibank's net foreign exchange bought? (Enter your answer in millions. Negative amountshould be indicated by a minus sign.)Net foreign exchange bought$millionc. What is Citibank's net foreign exposure? (Enter your answer in millions. Negative amount should beindicated by a minus sign.)Net foreign exposure69million

Step 1: Citibank's net foreign assets Formula:Net Foreign Assets=Foreign Exchange Assets−Foreign…

Answered: Prob -13 (LG 9-6) Citibank holds $29…

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter7: Financial Activities

Section: Chapter Questions

Problem 2EIC

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