A review of Ace Industries,a U.S.corporation,shows the following balances in accounts receivable and accounts payable detail at September 30,2011,their fiscal year end.
As Ace prepared to close their books,they noted that the September 30 exchange rates for the Australian dollar,Canadian dollar and Hong Kong dollar were $1.0366,$1.0301 and $0.1284,respectively.
Required:
Determine the exchange gain or loss to be included in the 2011 financial statements,and the amount of Accounts Receivable and Accounts Payable that will be included on the September 30,2011 balance sheet.
Definitions:
Q4: Peyton Corporation owns an 80% interest in
Q5: At December 31,2010,the stockholders' equity of Godwin
Q6: Rank the following claims 1 through 5,with
Q7: Lesher Corporation lost their primary contract and
Q8: Pool Industries paid $540,000 to purchase 75%
Q13: The consolidated income statement for Pouch Corporation
Q27: On November 1,2010,Athom Corporation purchased 5,000 television
Q34: On January 1,2011,a Voluntary Health and Welfare
Q36: Pirate Transport bought 80% of the outstanding
Q39: On November 1,2010,Ironside Company (a U.S.manufacturer)sold an