Winston Corp

question 42

Multiple Choice

Winston Corp., a U.S. company, had the following foreign currency transactions during 2021:(1.) Purchased merchandise from a foreign supplier on July 16, 2021 for the U.S. dollar equivalent of $47,000 and paid the invoice on August 3, 2021 at the U.S. dollar equivalent of $54,000.(2.) On October 15, 2021 borrowed the U.S. dollar equivalent of $315,000 evidenced by a non-interest-bearing note payable in euros on October 15, 2022. The U.S. dollar equivalent of the note amount was $295,000 on December 31, 2021, and $299,000 on October 15, 2022.What amount should be included as a foreign exchange gain or loss from the two transactions for 2021?

• A) $9,000 loss.
• B) $9,000 gain.
• C) $11,000 loss.
• D) $13,000 gain.
• E) $14,000 gain.

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Definitions:

Interpersonal Communication

The exchange of information, feelings, and meanings between two or more people through verbal and/or non-verbal methods.

Persuasive Leaders

Leaders who are skilled in influencing or convincing others to understand and support their vision or ideas.

Effective Supervisors

Leaders who excel in guiding and managing their teams, ensuring high performance, satisfaction, and achievement of goals through strong communication, support, and management skills.

Egotistical

Characterized by an exaggerated sense of self-importance or superiority over others.