Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tuliptime, inc. sold american fashions to a japane

Tuliptime, Inc. sold American fashions to a Japanese company at a price of 3.9 million...

50.1K

Verified Solution

Question

Accounting

Tuliptime, Inc. sold American fashions to a Japanese company at a price of 3.9 million yen. On the sale date, the exchange rate was $0.01 per Japanese yen, but when Tuliptime received payment from its customer, the exchange rate was $0.0103 per yen. When the foreign receivable was collected, Tuliptime:

Credited Sales for $1,170.

Credited Gain on Fluctuation of Foreign Currency for $1,170.

Debited Loss on Fluctuation of Foreign Currency for $1,170.

Debited Cash for $39,000.

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

Alexandra plans to deposit $1,000 into a fund at the end of each of the next...

Finance
Q

A simple random sample with n = 56 provided a sample mean of 29.5 and a sample...

Statistics
Q

1. In each of A-C, below, indicate whether: a) the statement is possible under the laws...

Chemistry
Q

Real engine pistons are tapered. Explain the need for this feature; aid your explanation with a...

Mechanical Engineering
Q

Figure shows a circular wheel of radius 10 0 cm whose upper half shown dark...

Physics
Q

How are the two statements given below related to each other?X: If you run for...

Geometry
Q

Chromatic Numbers Which graph below uses the correct number of minimum colors to determine the...

Algebra
Q

3x The point P x y lies on the terminal side of an angle 4...

Algebra
Q

SmartAI has made numerous gifts of various amounts $5000 to $16,000. SmartAI is curious...

Accounting
Q

LEAVE FULL CORRECT ANSWER FOR A LIKE! Northwood Company manufactures basketballs. The company has...

Accounting
Q

please answer question 6 Problems 3 through 15 refer to...

Accounting
Q

Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. The company has...

Accounting