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rief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2020, Brief correctly included is receivable for 435,000 local currency units (LCU) in its balance sheet at $152,500. When Brief collected the receivable on February 15, 2021, the S. dollar equivalent was $163,200. In Brief's 2021 consolidated income statement, how much should it report as a foreign exchange gain? Multiple Choice $0 $15,700

rief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2020, Brief correctly included is receivable for 435,000 local currency units (LCU) in its balance sheet at $152,500. When Brief collected the receivable on February 15, 2021, the S. dollar equivalent was $163,200. In Brief's 2021 consolidated income statement, how much should it report as a foreign exchange gain? Multiple Choice $0 $15,700

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2020, Brief correctly included this receivable for 435,000 local currency units (LCU) in its balance sheet at $152,500. When Brief collected the receivable on February 15, 2021, the U.S. dollar equivalent was $163,200. In Brief's 2021 consolidated income statement, how much should it report as a foreign exchange gain? Multiple Choice O O O $0 $15,700 $10,700
Transcribed Image Text:Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2020, Brief correctly included this receivable for 435,000 local currency units (LCU) in its balance sheet at $152,500. When Brief collected the receivable on February 15, 2021, the U.S. dollar equivalent was $163,200. In Brief's 2021 consolidated income statement, how much should it report as a foreign exchange gain? Multiple Choice O O O $0 $15,700 $10,700
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