Winston Corp

question 57

Multiple Choice

Winston Corp., a U.S. company, had the following foreign currency transactions during 2013:
(1) ) Purchased merchandise from a foreign supplier on July 16, 2013 for the U.S. dollar equivalent of $47,000 and paid the invoice on August 3, 2013 at the U.S. dollar equivalent of $54,000.
(2) ) On October 15, 2013 borrowed the U.S. dollar equivalent of $315,000 evidenced by a non-interest-bearing note payable in euros on October 15, 2013. The U.S. dollar equivalent of the note amount was $295,000 on December 31, 2013, and $299,000 on October 15, 2014.
What amount should be included as a foreign exchange gain or loss from the two transactions for 2014?

• A) $1,000 loss.
• B) $1,000 gain.
• C) $2,000 loss.
• D) $4,000 gain.
• E) $4,000 loss.

---

Definitions:

Nonpharmacological Intervention

Treatment methods that do not involve the use of medication, such as physical therapy, counseling, or lifestyle changes.

Pain Scale

A tool used in medical settings to assess the intensity of a patient's pain, typically ranging from 0 (no pain) to 10 (the worst pain).

Emergency Department

A specialized department in hospitals or healthcare facilities that provides immediate treatment to patients with acute illnesses or injuries.

Visceral Pain

Pain originating from the internal organs, often described as a deep, aching, or pressure-like sensation.