Question

Grand Ltd. Is a Canadian company that had the following transactions in 20X7: a. Sold goods to a customer in Belgium on 25 No
31 December 1.40 LUZ Required: Calculate the exchange gain or loss to be reported in 20X7. (Do not round Intermediate calcula
Calculate the sales revenue to be recorded from the transactions listed above. Sales revenue < Prey. 9 of 10 !! Next > MacBoo
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Date Sales Exchange Rate Sales (Canada)
Nov-25 €   225,000 1.54 346500
Nov-25 81000 1.01 81810
Dec-01 €   145,000 1.6 232000
660310
Date Sales Exchange Rate (Dec31) Accounts Receivable
Nov-25 81000 1.02 82620
Dec-01 €   145,000 1.46 211700
294320
Exhange Gain
Transaction Date Sales (Canada) Accounts Receivable Exchange Gain
Nov-25 81810 82620 810
Dec-01 232000 211700 -20300
-19490
Transaction Date Sales (Canada) Proceeds Exchange Gain
Nov-25 346500 317250 -29250
Dec-15
Total -48740


Exchange Loss = 48740

Add a comment
Know the answer?
Add Answer to:
Grand Ltd. Is a Canadian company that had the following transactions in 20X7: a. Sold goods to a customer in Belg...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 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 = $...

  • 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: 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 260,000 by Merchant Company. 2. On November 1, 20X6, Merchant purchased machine parts from a company located in Berlin, Germany. Merchant is to pay 130,000 on February 1, 20X7. The direct exchange rates are as follows: November , 20X6 December...

  • Part I Maple Company had the following export and import transactions during 20X5: On March 1, Maple sold goods to a Canadian company for C$30,000, receivable on May 30. The spot rates for Canadian do...

    Part I Maple Company had the following export and import transactions during 20X5: On March 1, Maple sold goods to a Canadian company for C$30,000, receivable on May 30. The spot rates for Canadian dollars were C$1 = $0.65 on March 1 and C$1 = $0.68 on May 30. On July 1, Maple signed a contract to purchase equipment from a Japanese company for ¥500,000. The equipment was manufactured in Japan during August and was delivered to Maple on August...

  • A company that uses the perpetual inventory system sold goods to a customer for cash for...

    A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600

  • You are operating your accounting firm. Your first client had the following transactions in April 20x7:...

    You are operating your accounting firm. Your first client had the following transactions in April 20x7: Borrowed $10,000 from the bank. Purchased $2,250 of computer equipment for cash. Paid $750 cash for this month’s rent. Purchased $1,500 of office supplies on credit. It is expected that these supplies will last for 3 months. Billed $500 to customers for services rendered during April. Paid cash for the $1,500 balance owed to the vendor from Transaction 4. Collected $450 cash of the...

  • Maple Company had the following export and import transactions during 20X5: On March 1, Maple sold...

    Maple Company had the following export and import transactions during 20X5: On March 1, Maple sold goods to a Canadian company for C$49,000, receivable on May 30. The spot rates for Canadian dollars were C$1 = $0.65 on March 1 and C$1 = $0.68 on May 30. On July 1, Maple signed a contract to purchase equipment from a Japanese company for ¥440,000. The equipment was manufactured in Japan during August and was delivered to Maple on August 30 with...

  • 1) Journalize the transactions.( Omit cost of goods sold entries.) On January 1, 2020, Oriole Company...

    1) Journalize the transactions.( Omit cost of goods sold entries.) On January 1, 2020, Oriole Company had Accounts Receivable $142,700, Notes Receivable $37,200, and Allowance for Doubtful Accounts $26,900. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019, Oriole Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Sold $31,800 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $31,800, 3-month, 8% note for...

  • Scott Company had sales of $12,000,000 and related cost of goods sold of $7,100,000 for the...

    Scott Company had sales of $12,000,000 and related cost of goods sold of $7,100,000 for the year ending December 31, 20Y8. Scott provides customers a refund for any returned or damaged merchandise. Scott Company estimates that customers will request refunds for 0.6% of sales and estimates that merchandise costing $55,000 will be returned in 20Y9. Journalize the adjusting entries on December 31, 20Y8, to record the expected customer returns. Refer to the Chart of Accounts for exact wording of account...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT