Clark Company, a U.S. corporation, sold inventory on December 1, 2022, with payment of 12,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Date December 1 December 31 January 30 Spot Rate $1.831 $1.976 $1.768 What amount of foreign exchange gain or loss should be recorded on January 30? $2,496 loss $2,496 gain $1,740 loss $1,740 gain

Clark Company, a U.S. corporation, sold inventory on December 1, 2022, with payment of 12,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Date December 1 December 31 January 30 Spot Rate $1.831 $1.976 $1.768 What amount of foreign exchange gain or loss should be recorded on January 30? $2,496 loss $2,496 gain $1,740 loss $1,740 gain

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter25: Taxation Of International Transactions

Section: Chapter Questions

Problem 25P

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Cedar Co., a U.S. corporation, sold inventory on December 1, 2023, with payment of 12,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Date December 1, 2023 December 31, 2023 January 30, 2024 O $0 Spot Rate (U.S. Dollar per British pound) O $756 loss O $1,740 gain O $2,496 loss $1.831 $1.976 What amount of foreign exchange transaction gain or loss should be recorded on January 30, 2024? $1.768
Clark Co., a U.S. corporation, sold inventory on December 1, 2021, with payment of 12,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Spot rate: $1.831 Dec. 31 Spot rate: $1.976 Jan. 30 Spot rate: $1.768 Dec. 1 For what amount should Sales be credited on December 1? Multiple Choice $21,216. $21,972. $23,712. $19,760. $18,310.
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