Lincoln Corporation,a U

question 31

Essay

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 31,2014,and the net exchange gain or loss that would be reported as a result of year-end adjustments.

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Definitions:

Default Value

A pre-set value automatically assigned to a database field or programming variable if no value is specified by the user or the program.

New Record

The action of adding a fresh entry into a database or a data storage system.

AutoEntry

A feature in software that automatically fills in fields with predefined values or values based on previous entries, speeding up data entry.

Is Null

A condition in databases used to check if a field's value is absent or contains no data.