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Home Q & A Board Other Fields Homework Help Business Accounting
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Tomm Tomm
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6 years ago
Suppose a Canadian company purchased merchandise on account from a British firm for 200,000 British pounds. Assume the exchange rates for the British pound were as follows:

   Date of delivery   $1.53
   Date of cash payment   $1.57

The exchange rate gain/loss for the Canadian company on this transaction was:
A) $8,000 loss
B) $2,000 loss
C) $2,000 gain
D) $8,000 gain
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
Authors:
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ACC 925
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AlexmosutheAlexmosuthe
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6 years ago
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