On July 1, 2020, CANCO Purchased Inventory from Its Main

question 5

Multiple Choice

On July 1, 2020, CANCO purchased inventory from its main U.S. supplier, RNB Enterprises, at a cost of US$12,000. CANCO's year end is on July 31. Payment of US$12,000 for the inventory is due on August 31, 2020. Some important dates regarding this transaction, as well as the exchange rates in effect at each of these dates are shown below:
$$\begin{array} { | l | l | } \hline \text { Tarsaction date: July } 1,2020 : & \text { 1 U.S. Dollar } = \text { CDN } \$ 1.370 \\\hline\text { Year end July } 31,2020 : & \text { 1 U.S. Dollar } = \text { CDN } \$ 1.345 \\\hline \text { Setternent date: August } 31,2020 : & \text { 1 U.S. Dollar } = \text { CDN } \$ 1.325 \\\hline\end{array}$$ What was the amount in Canadian dollars paid by CANCO to RNB on the settlement date?

• A) CDN$15,900
• B) CDN$16,440
• C) CDN$16,140
• D) CDN$12,000

Describe types of social movements and evaluate their potential to enact social change using examples.

Understand the roles and functions of shareholders, directors, and officers within a corporation.

Comprehend the legal frameworks governing corporations, including the Statutory Close Corporation Supplement, the Revised Act, and the Dodd-Frank Act.

Recognize the legal requirements and procedures for shareholder agreements, voting, and meetings.

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Definitions:

Supply Chains

Networks involving organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.

Supply Disruptions

Interruptions in the flow of goods or materials from suppliers that can lead to shortages and affect production or sales.

Exchange Rate Fluctuations

Variability in the value of one currency compared to another, affecting the cost of importing and exporting goods and services.

Regulatory Requirements

Rules and standards set by governmental or authoritative bodies that organizations must follow in their operations.