On March 1, Tres Hermanos Import-Export Company sells merchandise costing 95,000 Mexican pesos. Payment will be made
Question:
On March 1, Tres Hermanos Import-Export Company sells merchandise costing 95,000 Mexican pesos. Payment will be made in pesos, on June 1. The exchange rates of pesos for $1 were as follows:
March 1 $1 = 19.8 pesos
June 1 $1 = 19.6 pesos
Round all answers to the nearest dollar.
Required:
1. What is the receivable in dollars on March 1?
2. What is the dollar value of the amount paid in pesos on June 1?
3. If Tres Hermanos is paid on June 1, is there an exchange gain or loss? If so, how much is it?
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