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Post Inc., had a receivable from a foreign custome...

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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

 

Paper#11144 | Written in 18-Jul-2015

Price : $25
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