Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hedged forecasted sale bectel, inc. expects to sel

Hedged Forecasted Sale Bectel, Inc. expects to sell merchandise for C$1,000,000 to a Canadian customer...

90.2K

Verified Solution

Question

Accounting

Hedged Forecasted Sale Bectel, Inc. expects to sell merchandise for C$1,000,000 to a Canadian customer at the end of November, 2020. In anticipation of this forecasted transaction, on August 30, 2020, Bectel sold C$1,000,000 forward for delivery on November 30, 2020. Bectel made the sale as expected on November 30, and settled the forward contract. Relevant exchange rates ($/C$) are as follows:

image

Required Prepare the journal entries made by Bectel on November 30 concerning the above events. Assume Bectel is a calendar-year company. There are 4 total entries.

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Add commas after the dependent clauses in the following sentences: 1. “By the time Ma met Daddy...

Psychology
Q

The separation between the plates of an uncharged capacitor of capacitance Cis d Initially there...

Physics
Q

Find the circumference of a circle with radius= 30 mm.A. about 47.12 mmB. about 282.74...

Basic Math
Q

Let f(x)=?xUse the alternative limit definition of the derivative to determine the derivative (slope) of...

Calculus
Q

Use strong induction to prove that F? < 2" for all n N.

Algebra
Q

3 Find the prodl 3 2x 5x 1 4x2 x 3 6x 5

Algebra
Q

Question 1 (10 marks)The following account balances were found for Celtics Ltd. at the beginning...

Accounting
Q

The question is based on the monthly payroll record of Division S and Agency A...

Accounting
Q

1) A taxpayer exchanges an office building held as an investment asset for an office...

Accounting
Q

A general journal is an accounting report that reconciles the statement of shareholders equity to...

Accounting
Q

Winner Company produces a special spray nozzle. The budgeted indirect total cost of inserting the...

Accounting
Q

On October 10, the stockholders? equity of Sherman Systems appears as follows: Common stock $10...

Accounting