Note: This Is a Kaplan CPA Review Question

question 33

Multiple Choice

Note: This is a Kaplan CPA Review Question
On September 1, 20X1, Bain Corp. received an order for equipment from a foreign customer for 300,000 local currency units (LCU) when the U.S. dollar equivalent was $96,000. Bain shipped the equipment on October 15, 20X1, and billed the customer for 300,000 LCU when the U.S. dollar equivalent was $100,000. Bain received the customer's remittance in full on November 16, 20X1, and sold the 300,000 LCU for $105,000. In its income statement for the year ended December 31, 20X1, Bain should report a foreign exchange gain of

• A) $9,000
• B) $4,000
• C) $0
• D) $5,000

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Definitions:

Growth Patterns

The sequence and speed at which a child grows in size, shape, and abilities, often tracked through milestones.

Middle Childhood

A developmental stage that typically covers the period from around 6 to 12 years of age, characterized by expanding social, cognitive, and physical abilities.

Gross Motor Skills

The abilities required to control the large muscles of the body for walking, running, sitting, and other activities.

Genetic Component

Refers to traits or conditions that are influenced or determined by an organism's genes.