Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1- on december 9,20x0, u.s. company x acquired inv

1- On December 9,20X0, U.S. Company X acquired inventory from a British supplier...

50.1K

Verified Solution

Question

Accounting

1- On December 9,20X0, U.S. Company X acquired inventory from a British supplier for 100,000, with payment due in pounds on January 8,201. Spot exchange rates for the pound were: December 9,20X0, $1.50; December 31,20X0, $1.48; and January 8,20X1, $1.47. For Company X with a December 31,200 closing, what would these transactions result in a foreign currency transaction in 200 and 201?
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

North Pole Cruise Lines issued preferred stock many years ago. It carries a fixed dividend of...

Finance
Q

Many people tend avoid the use sucralose when possible. Why might it be concerning that an...

Biology
Q

I need a full article on leadership and mechanical engineering two full pages

Mechanical Engineering
Q

Write the main definition for the medical term melanoma

Biology
Q

Which sentence uses the underlined word incorrectly?A. In the old days, a couple of companies...

Biology
Q

sec x y 6 sec ase AWY a The period is Type an exact answer...

Calculus
Q

The perimeter of a rectangular outdoor patio is 66 ft. The length is 5 ft...

Algebra
Q

Sarah sets off on her hike from the lodge at a bearing of S71W. After...

Algebra
Q

Which of the following deductions reduce the employees net taxable income (NTI)? DEDUCTION...

Accounting
Q

Abe and Carlos want to form a general partnership. What must they do in order...

Accounting
Q

Relevant costs in decision-making: A) should not influence the decision. B) result from past...

Accounting
Q

Albright Manufacturing, which maintains the same level of inventory at the end of each year,...

Accounting