Answer the following question with solution. A How much accounts receivable from the transaction isincluded in Goo's 20x1 statement of financial position?c. 1,380,000d. 1,350,000a. 1,370,000b. 1,375,0005. How much is the foreign exchange gain (loss) is recognized inа. 10,000b. 30,000Goo's 20x2 statement of profit or loss?с. (10,000)d. (30,000)6. How much is the total foreign exchange gain (loss) recognizedfrom the transaction?a. 20,000b. 25,000c. (20,000)d. (25,000) PROBLEM 4: MULTIPLE CHOICE - COMPUTATIONALGoo Co. sold inventory to a foreign entity for 100,000 FCUUse the following information for the next six questions:(foreign currency units). Relevant information follows:Exchange rates(1 FCU to LCUS)DateParticularsDec. 1, 20x1Receipt of orderDate of shipment13.70 LCUSDec. 22, 20x1Dec. 31, 20x1 End of reporting periodJan. 8, 20x213.7513.80Settlement date13.50

Answered: Image /qna-images/answer/5c529003-9017-4e51-8070-401d412874e0.jpg

4 How much accounts receivable from the transaction is included in Goo's 20x1 statement of financial position? a. 1,370,000 c. 1,380,000 d. 1,350,000 b. 1,375,000 5. How much is the foreign exchange gain (loss) is recognized in Goo's 20x2 statement of profit or loss? c. (10,000) d. (30,000) a. 10,000 b. 30,000 strie ait el 6. How much is the total foreign exchange gain (loss) recognized from the transaction? a. 20,000 b. 25,000 c. (20,000) d. (25,000)

4 How much accounts receivable from the transaction is included in Goo's 20x1 statement of financial position? a. 1,370,000 c. 1,380,000 d. 1,350,000 b. 1,375,000 5. How much is the foreign exchange gain (loss) is recognized in Goo's 20x2 statement of profit or loss? c. (10,000) d. (30,000) a. 10,000 b. 30,000 strie ait el 6. How much is the total foreign exchange gain (loss) recognized from the transaction? a. 20,000 b. 25,000 c. (20,000) d. (25,000)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11P: Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1,...

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