An entity based in the US purchases goods for Kr 550,000 on 27 March 20X9 when...
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An entity based in the US purchases goods for Kr 550,000 on 27 March 20X9 when the exchange rate was Kr0.81: $1. The exchange rate at the year ended 30 June 20X9 was Kr0.97:$1. If the goods are unsold and the accounts are unsettled at the year end, i. How much should be recorded in inventory? ii. What should be the exchange gain/loss for the year? iii. What should be the closing balance of accounts payable? An entity based in the US purchases goods for Kr 550,000 on 27 March 20X9 when the exchange rate was Kr0.81: $1. The exchange rate at the year ended 30 June 20X9 was Kr0.97:$1. If the goods are unsold and the accounts are unsettled at the year end, i. How much should be recorded in inventory? ii. What should be the exchange gain/loss for the year? iii. What should be the closing balance of accounts payable?
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part i inventory being a nonmonetary item will be recorded at the exchange rate on the ... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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