ABC Company has US$ 160,000 in a U S bank account It received this money from a customer, for a cash sale, when the exchange rate was US$ 1 Cdn$ 1 02 At year end, the exchange rate is US$ 1 Cdn$ 0 97 At what amount is the sale recorded What amount of cash is reported on the end of year statement of...

The sale is recorded at the Canadian dollar e ...

ABC Company has US$ 160,000 in a U. S. bank account. It received this money from a

Question:

ABC Company has US$ 160,000 in a U. S. bank account. It received this money from a customer, for a cash sale, when the was US$ 1 = Cdn$ 1.02. At year-end, the is US$ 1 = Cdn$ 0.97. At what amount is the sale recorded? What amount of cash is reported on the end- of- year statement of financial position?

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...