The accounts of Lincoln international a US Corporation show $ 8 1 , 3 0 0 accounts
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Question:
The accounts of Lincoln international a US Corporation show $ accounts receivable and $ accounts payable at December before adjusting entries are made. An analysis of the balances reveals the following:
Accounts Receivable Receivables denominated in US dollars $
Receivables denominated in Swedish Krona
Receivables denominated in British pounds
Total
Accounts Payable
Payable denominated in US dollars $
Payable denominated in Canadian dollars
Payable denominated in British pounds
Total
Current exchange rates for the Swedish Krona, British pounds, and Canadian dollars at December are $ $ and $ respectively
Required
Determine the net exchange gain or loss on the Accounts receivable that should be reflected in the income statement at year end from exchange adjustments.
Determine the net exchange gain or loss on the Accounts payable that should be reflected in the income statement at year end from exchange adjustments.
Determine the amount at which Accounts receivable should be included on the December Balance Sheet
Determine the amount at which the Accounts payable should be included in the December Balance Sheet
In the journal entry for the subsequent collection of the Swedish Krona when spot rate was $ What amount will be collected
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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