Post, Inc., had a receivable from a foreign customer that is payable in the customers local currency.
Question:
Post, Inc., had a receivable from a foreign customer that is payable in the customer’s local currency.
On December 31, 2011, Post correctly included this receivable for 200,000 local currency units
(LCU) in its balance sheet at $110,000. When Post collected the receivable on February 15, 2012, the U.S. dollar equivalent was $95,000. In Post’s 2012 consolidated income statement, how much should it report as a foreign exchange loss?
a. $–0–.
b. $10,000.
c. $15,000.
d. $25,000.
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