Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lets suppose you (usa dealer) imported a product f

Lets suppose you (USA dealer) imported a product from German on Dec 1, 2018 at...

70.2K

Verified Solution

Question

Accounting

Lets suppose you (USA dealer) imported a product from German on Dec 1, 2018 at 300, payable in 60 days. You sold the product in the US market at $400 in cash on Dec 15, 2018. The company's fiscal year ends on Dec 31. You paid to your German supplier on Feb 1, 2019. Below, please find the exchange rate information: Dec 1, 2018: 1.5 /$.. Dec 31, 2018: 2.0 /$. Feb 1, 2019: 3.0 /$. What was net income for 2018 and 2019, respectively? Group of answer choices $300, -200 $250, $50 $200, 0 $100, $150

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

A compound has a pKa of 7.4. To 100mL of a 1.0 M solution of this...

Chemistry
Q

7 An ideal monoatomic gas undergoes a process in which its internal energy U and...

Physics
Q

Suppose 13 people qualify for a college cheerleading squad five women and eight men How...

Basic Math
Q

Paney Company makes calendars. Information on cost per unit is as follows: Direct materials $1.50...

Accounting
Q

A summary of the Toshiba Accounting Scandal fraud case. Please make sure to include the...

Accounting
Q

A company's revenue from selling x units of an item is given as R=1600xx^2 If...

Accounting
Q

141000 17ister. 1Phoove Fracoo 141000 17ister. 1Phoove Fracoo

Accounting
Q

Which of the following does ABC take into account? A. The types of manufacturing activities...

Accounting
Q

Marwicks Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,499...

Accounting
Q

An invoice of $ 600 for merchandise purchased is showing 2/15, n/30 as terms...

Accounting
Q

Open the following selected accounts recording the opening balances as of January 1 of the...

Accounting
Q

Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December...

Accounting