Use the Following Information to Answer the Question(s) Below

question 28

Multiple Choice

Use the following information to answer the question(s) below.

On November 1, 2014, Rolleks Corporation sold merchandise to Watchem Corporation, a Swiss firm. Rolleks measured and recorded the account receivable from the sale at $107,100. Watchem paid for this account on November 30, 2014. Spot rates for Swiss francs on November 1 and November 30, respectively, were $1.05 and $1.02.

-If the sale of merchandise is denominated in dollars,the November 30 entry to record receipt of the payment from Watchem included a

• A)credit to Accounts Receivable for $104,040.
• B)credit to Exchange Gain for $3,060.
• C)debit to Cash for $107,100.
• D)debit to Exchange Loss for $3,060.

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Definitions:

Task Forces

Temporary groups formed to achieve a specific goal or to solve a particular problem within an organization.

Shared Mental Models

A cognitive framework shared among members of a team or organization that helps in understanding, interpreting, and predicting the actions of others within that group.

Cross-functional Teams

Cross-functional teams are groups composed of members from different departments or areas of expertise, working together towards a common goal.

Divergent Backgrounds

The presence of varied cultural, educational, or professional histories among individuals within a group.