Lincoln Corporation,a U.S.manufacturer,both imports needed materials and exports finished products.Their receivables and payables are listed below,prior to year-end adjustments or preparation of the closing entries.
Required:
Determine the amount at which receivables and payables should be reported on December 31,2011,and the net exchange gain or loss that would be reported as a result of year-end adjustments.
Definitions:
Zygote
The 2n cell that results from the union of n gametes in sexual reproduction. Species that are not polyploid have haploid gametes and diploid zygotes.
Embryonic Cells
Cells derived from an embryo that have the potential to develop into any type of cell in the organism.
Crossing-Over
A process during meiosis where homologous chromosomes exchange genetic material, leading to new genetic combinations in offspring.
Genes
Units of heredity made up of DNA that code for the synthesis of proteins responsible for the organism's characteristics and functions.
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