Honesty Company purchased merchandise worth a total of 100,000 foreign currency on April 1, 2022 from its foreign supplier, payable within 30 days. On April 30, 2022, Honesty paid the note. The following information of spot rates is provided (see image below). Answer the following subquestion(s):  a. How much is the foreign exchange gain (loss)?

Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.1C
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Honesty Company purchased merchandise worth a total of 100,000 foreign currency on April 1, 2022 from its foreign supplier, payable within 30 days. On April 30, 2022, Honesty paid the note. The following information of spot rates is provided (see image below).

Answer the following subquestion(s): 


a. How much is the foreign exchange gain (loss)?

_________________

 

April 1, 2022
April 30, 2022
Buying
44.03
44.10
Selling
44.15
44.22
Transcribed Image Text:April 1, 2022 April 30, 2022 Buying 44.03 44.10 Selling 44.15 44.22
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