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  • Grete Corp Had The Following Foreign Currency Transactions During 2013

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    Bube Kachevska
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    Grete Corp had two foreign currency transactions in 2013: purchasing merchandise for $60,000 USD equivalent and paying $68,000 equivalent in April, and borrowing $300,000 USD equivalent in September with the equivalent amount at $320,000 USD by December. The document asks what amount should be included as a foreign exchange loss in Grete's 2013 income statement.

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    Grete Corp Had the Following Foreign Currency Transactions During 2013

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    Grete Corp Had the Following Foreign Currency Transactions During 2013

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    Grete Corp had two foreign currency transactions in 2013: purchasing merchandise for $60,000 USD equivalent and paying $68,000 equivalent in April, and borrowing $300,000 USD equivalent in September with the equivalent amount at $320,000 USD by December. The document asks what amount should be included as a foreign exchange loss in Grete's 2013 income statement.

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    5 views1 page

    Grete Corp Had The Following Foreign Currency Transactions During 2013

    Uploaded by

    Bube Kachevska
    Grete Corp had two foreign currency transactions in 2013: purchasing merchandise for $60,000 USD equivalent and paying $68,000 equivalent in April, and borrowing $300,000 USD equivalent in September with the equivalent amount at $320,000 USD by December. The document asks what amount should be included as a foreign exchange loss in Grete's 2013 income statement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Grete Corp had the following foreign currency

    transactions during 2013 #8131

    Grete Corp. had the following foreign currency transactions during 2013:

    • Purchased merchandise from a foreign supplier on January 20, 2013, for the U.S. dollar
    equivalent of $60,000 and paid the invoice on April 20, 2013, at the U.S. dollar equivalent of
    $68,000.

    • On September 1, 2013, borrowed the U.S. dollar equivalent of $300,000 evidenced by a note
    that is payable in the lender's local currency on September 1, 2014. On December 31, 2013, the
    U.S. dollar equivalent of the principal amount was $320,000.

    In Grete's 2013 income statement, what amount should be included as a foreign exchange
    loss?

    a. $4,000.

    b. $20,000.

    c. $22,000.

    d. $28,000.

    Grete Corp had the following foreign currency transactions during 2013

    ANSWER
    http://paperinstant.com/downloads/grete-corp-had-the-following-foreign-currency-transactions-
    during-2013/

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