Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. translation of foreign currency usa corp issues qu

Translation of foreign currency USA Corp issues quarterly financial statements on September 30, 20X4, and...

60.1K

Verified Solution

Question

Accounting

Translation of foreign currency USA Corp issues quarterly financial statements on September 30, 20X4, and pays its GBP 1,000 account payable to the counterparty on October 15, 20X4. The exchange rates are shown in the following table. Date Exchange rate August 1,20X4 USD 1.5 = GBP 1 September 30, 20X4 USD 1.4 = GBP 1 October 15, 20X4 USD 1.3 = GBP 1 How should USA Corp measure and record this foreign currency transaction (a) in its quarterly financial statements for the quarter ended on September 30, 20X4, and (b) upon settlement of its account payable on October 15, 20X4?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students