Foreign exchange loss problem, Accounting Basics

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Foreign exchange loss problem

Post Inc had a receivable from a foreign customer that is a payable in the costumers local currency. On December 31, 2013, Post correctly included this receivable for 377,500 local currency units (LCU) in its balance sheet at $290,000. When Post collected the receivable on February 15, 2014 the US dollar equivalent was $273,900. In Posts 2014 consolidated Income Statement, how much should it report as a foreign exchange loss?

a)$10730

b)$16100

c)26830

d)0

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Accounting Basics: Foreign exchange loss problem

Reference No:- TGS048379

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Foreign exchange loss problem

Reference No:- TGS048379

Recent Questions Asked Accounting Basics

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