Mills Inc Had a Receivable from a Foreign Customer That Is

question 36

Multiple Choice

Mills Inc. had a receivable from a foreign customer that is due in the local currency of the customer (stickles) . On December 31, 2010, this receivable for §200,000 was correctly included in Mills' balance sheet at $132,000. When the receivable was collected on February 15, 2011, the U.S. dollar equivalent was $144,000. In Mills' 2011 consolidated income statement, how much should have been reported as a foreign exchange gain?

• A) $0.
• B) $36,000.
• C) $48,000.
• D) $10,000.
• E) $12,000.

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