XYZ Company sells goods to a foreign customer on June 8. Payment of 3,000,000 foreign...
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Accounting
XYZ Company sells goods to a foreign customer on June 8. Payment of 3,000,000 foreign currency units (FC) is due in one month. June 30 is XYZ Company's fiscal year-end. The following exchange rates were in effect during the period: $1.10 June 8 June 8 June 30 July 8 Spot rate 30 day forward rate Spot rate Spot rate $1.15 $1.14 $1.20 A For what amount should XYZ Accounts Receivable be debited on June 8 B How much foreign exchange gain or loss should XYZ record on June 30
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