A Review of Ace Industries,a U

question 15

Essay

A review of Ace Industries,a U.S.corporation,shows the following balances in accounts receivable and accounts payable detail at September 30,2014,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 2014 financial statements,and the amount of Accounts Receivable and Accounts Payable that will be included on the September 30,2014 balance sheet.

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Definitions:

Secondary Prevention

Level of preventive medicine that focuses on early diagnosis, use of referral services, and rapid initiation of treatment to stop the progress of disease processes.

Chest Discomfort

A common symptom that can be caused by a wide range of conditions, from muscular strain to heart problems.

Electrocardiogram

A test that records the electrical activity of the heart to detect any heart problems.

Fluoride

A mineral used in dental care to strengthen tooth enamel and prevent cavities, often added to toothpaste, mouthwash, and some public water supplies.