A transaction that typically leads to the sale of foreign currency is recorded as a? Credit...
A transaction that typically leads to the sale of foreign currency is recorded as a?
Credit or debit??
Homework Answers
If sale of foreign currency is done, then it means sale of asset is seen and therefore it is recorded as credit in the financial account and therefore
'Credit' is the answer to this question
Add Answer to:
A transaction that typically leads to the sale of foreign
currency is recorded as a?
Credit...
1-What is the concept underlying the two-transaction perspective in accounting for foreign currency transactions? 2-A company...
1-What is the concept underlying the two-transaction perspective in accounting for foreign currency transactions? 2-A company makes an export sale denominated in a foreign currency and allows the customer one month to pay. Under the two-transaction perspective, accrual approach, how does the company account for fluctuations in the exchange rate for the foreign currency? 3-What factors create a foreign exchange gain on a foreign currency transaction? What factors create a foreign exchange loss? 4-What does the word hedging mean? Why...
Problem 1: Excellsior corp. made a sale to a foreign customer on December 1, 2015 for 50,000 foreign currency units...
Problem 1: Excellsior corp. made a sale to a foreign customer on December 1, 2015 for 50,000 foreign currency units (FCU). Excellsior collected payment on January 31, 2016. The following exchange rates apply: Date 12/01/2015 12/15/2015 12/31/2015 01/31/2016 U.S. Dollar per FCU 0.50 0.52 0.48 0.52 1. What journal entry should be reported by Excellsior on the date of sale? a. Credit Sales: $50,000 b. Credit Sales: F50,000 C. Credit Sales: $25,000 d. Debit Sales: $25,000 e. None of the...
A U. S. Company's credit sale to an international customer to be paid in a foreign...
A U. S. Company's credit sale to an international customer to be paid in a foreign currency requires using the same exchange rate for the date of sale and the cash payment date. Select one: True False
Foreign currency futures contracts at the Chicago Mercantile Exchange are typically stated in European terms. True...
Foreign currency futures contracts at the Chicago Mercantile Exchange are typically stated in European terms. True or false?
Differentiate between a foreign currency option and a foreign currency forward contract. Suggest to management which...
Differentiate between a foreign currency option and a foreign currency forward contract. Suggest to management which one should be used in a foreign currency transaction.
The sale of IBM computers in France will be recorded as a: credit item on the...
The sale of IBM computers in France will be recorded as a: credit item on the current account. debit item on the current account. credit item on the capital account. debit item on the capital account. credit item on the official reserves account.
What are the three main significant dates to remember in a foreign currency transaction 1 Multiple...
What are the three main significant dates to remember in a foreign currency transaction 1 Multiple Choice ана o Direct, indirect, hedge. o Past, spot, forward. o January 1, anniversary of transaction, settlement o Transaction, balance sheet settlement.
Merchant Company had the following foreign currency transactions: 1. On November 1, 20X6, Merchant sold goods...
Merchant Company had the following foreign currency transactions: 1. On November 1, 20X6, Merchant sold goods to a company located in Munich, Germany. The receivable was to be settled in European euros on February 1, 20X7, with the receipt of 230,000 by Merchant Company. 2. On November 1, 20x6, Merchant purchased machine parts from a company located in Berlin, Germany. Merchant is to pay 115,000 on February 1, 20X7 The direct exchange rates are as follows: November 1, 20x6 December...
Merchant Company had the following foreign currency transactions: On November 1, 20X6, Merchant sold goods to...
Merchant Company had the following foreign currency
transactions:
On November 1, 20X6, Merchant sold goods to a company located
in Munich, Germany. The receivable was to be settled in European
euros on February 1, 20X7, with the receipt of €290,000 by Merchant
Company.
On November 1, 20X6, Merchant purchased machine parts from a
company located in Berlin, Germany. Merchant is to pay €145,000 on
February 1, 20X7.
The direct exchange rates are as follows:
November 1, 20X6
€1 = $...
Merchant Company had the following foreign currency transactions: On November 1, 20X6, Merchant sold goods to...
Merchant Company had the following foreign currency transactions: On November 1, 20X6, Merchant sold goods to a company located in Munich, Germany. The receivable was to be settled in European euros on February 1, 20X7, with the receipt of €240,000 by Merchant Company. On November 1, 20X6, Merchant purchased machine parts from a company located in Berlin, Germany. Merchant is to pay €120,000 on February 1, 20X7. The direct exchange rates are as follows: November 1, 20X6 €1 = $...
Problem 1: Excellsior corp. made a sale to a foreign customer on December 1, 2015 for 50,000 foreign currency units (FCU). Excellsior collected payment on January 31, 2016. The following exchange rates apply: Date 12/01/2015 12/15/2015 12/31/2015 01/31/2016 U.S. Dollar per FCU 0.50 0.52 0.48 0.52 1. What journal entry should be reported by Excellsior on the date of sale? a. Credit Sales: $50,000 b. Credit Sales: F50,000 C. Credit Sales: $25,000 d. Debit Sales: $25,000 e. None of the...
What are the three main significant dates to remember in a foreign currency transaction 1 Multiple Choice ана o Direct, indirect, hedge. o Past, spot, forward. o January 1, anniversary of transaction, settlement o Transaction, balance sheet settlement.
Merchant Company had the following foreign currency transactions: 1. On November 1, 20X6, Merchant sold goods to a company located in Munich, Germany. The receivable was to be settled in European euros on February 1, 20X7, with the receipt of 230,000 by Merchant Company. 2. On November 1, 20x6, Merchant purchased machine parts from a company located in Berlin, Germany. Merchant is to pay 115,000 on February 1, 20X7 The direct exchange rates are as follows: November 1, 20x6 December...
Merchant Company had the following foreign currency
transactions:
On November 1, 20X6, Merchant sold goods to a company located
in Munich, Germany. The receivable was to be settled in European
euros on February 1, 20X7, with the receipt of €290,000 by Merchant
Company.
On November 1, 20X6, Merchant purchased machine parts from a
company located in Berlin, Germany. Merchant is to pay €145,000 on
February 1, 20X7.
The direct exchange rates are as follows:
November 1, 20X6
€1 = $...
Most questions answered within 3 hours.
-
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 58 minutes ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 1 hour ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 1 hour ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 1 hour ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 2 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 2 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 5 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 6 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 6 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 6 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 6 hours ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 6 hours ago