Clark Stone Purchases Raw Material from Its Foreign Supplier, Rinne

question 82

Multiple Choice

Clark Stone purchases raw material from its foreign supplier, Rinne Clay, on May 8. Payment of 1,500,000 foreign currency units (FC) is due in 30 days. May 31 is Clark's fiscal year-end. The pertinent exchange rates were as follows: For what amount should Clark's Accounts Payable be credited on May 8?

• A) $1,740,000.
• B) $1,850,000.
• C) $1,500,000.
• D) $1,680,000.
• E) $1,770,000.

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Definitions:

Cortex

The outer layer of the brain involved in numerous high-level functions such as thought, memory, and decision-making.

Neurons

Basic working units of the brain, specialized cells that transmit information to other nerve cells, muscle, or gland cells.

Interpreter

A person who translates spoken or sign language into another language.

Thoughts

Mental processes or ideas that occur in the mind, ranging from abstract concepts to concrete plans.