Schrute Inc

question 73

Multiple Choice

Schrute Inc. had a receivable from a foreign customer that is due in the local currency of the customer (stickles) . On December 31, 2021, this receivable for §200,000 was correctly included in Schrute's balance sheet at $167,000. When the receivable was collected on February 15, 2022, the U.S. dollar equivalent was $181,000. In Schrute's 2022 consolidated income statement, how much should have been reported as a foreign exchange gain?

• A) $0.
• B) $7,000.
• C) $19,000.
• D) $33,000.
• E) $14,000.

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A defined age at which an individual is granted by law the rights and responsibilities of an adult.