On September 22, Year 2, Yumi Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company’s local currency. On that date, the spot rate was $.55. Yumi paid the bill in full on March 20, Year 3, when the spot rate was $.65. The spot rate was $.70 on December 31, Year 2. What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended December 31, Year 2?
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On September 22, Year 2, Yumi Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company’s local currency. On that date, the spot rate was $.55. Yumi paid the bill in full on March 20, Year 3, when the spot rate was $.65. The spot rate was $.70 on December 31, Year 2. What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended December 31, Year 2?
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- Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 118,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply: September 15 $ .60 September 30 .66 October 15 .61 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. (If no entry is required for a transaction/event, select " No journal entry required" in the first account field.) 1 Record the entry for sales on credit. 2 Record the entry for changes in the exchange rate. 3 Record the entry for changes in the exchange rate. 4 Record the entry for receipt of payment.Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 121,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply: September 15 $ 0.60 September 30 0.66 October 15 0.61 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. (If no entry is required for a transaction/event, select " No journal entry required" in the first account field.)On May 1, 20X6, Emu Corporation purchased merchandise from a Danish fim for 198,000 Danish krone when the spot rate for krone was 5.345 krone per dollar. The account payable was denominated in krone. Emu settled the account on September 1 when the spot rate for krone was 5.200 krone per dollar. How much cash wilI Emu have to disburse to settle the account? O a. $1,058,310.00 O b. $1,029,600.00 Oc $ 37,043.97 O d. $ 38,076.92
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