The Following Information Pertains to Questions

question 39

Multiple Choice

The following information pertains to questions
On January 1,2013,Canadian Music International (CMI) ,a manufacturer of high-end recording equipment based in Toronto,shipped $120,000 worth of inventory to its main U.S.distributor in Chicago,with full payment of these goods to be paid by February 28,2013.CMI has a January 31 year end.A list of significant dates and exchange rates is shown below. The invoice price billed by CMI was $120,000 U.S.
-What is the amount of cash (in Canadian funds) received by CMI on the settlement date?

• A)$136,920
• B)$137,040
• C)$137,400
• D)$137,880

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