Assessment for global financial management

1. On September 1, 2011, Wheels Inc.., a calendar year corporation,

purchased car tires from a factory in Hongkong for 200,000
Hongkong dollars. The amount is payable in 5 months. Wheels inc.
prepare quarterly statement of comprehensive income The
exchange rate for the Hongkong dollar has varied as follows:

September 1, 2011 1hkg$= P 5.61

September 30, 2011 1hkg$= P 5.59
December 31,2011 1hkg$=P 5.62
January 30, 2012 1hkg$=P5.65

Questions: convert to Philippine Peso $ 6.42- hongkong dollar

1. How much the reportable purchases in 2011?

2. How much the acceptance payable on the date of the transaction?
3. How much the reportable foreign exchange loss on September 30,
2011 and December 31, 2011 and on January 30, 2012?
4. How much the new acceptance payable on September 30, 2011,
December 31, 2011 and on settlement date January 30, 2012?
2. On September 9, 2008 Selma Inc. accepted a non-cancellable
merchandise sales order from Japanese firm. The contract price
was 100,00 yens. The merchandise was delivered on December
14, 2008. The invoice was dated December 11, 2008. The shipping
date(FOB shipping point) . full payment was received on January
22, 2009. The spot direct exchange rates for the Japanese yens on
the respective dates are as follows:
Sept. 9, 2008 P.75
December 11, 2008 P .78
December 14, 2008 P.77
December 31, 2008 P.73
January 22, 2009 P.79

Questions; convert to Philippine peso 0.45 Yen to peso

1. What is the reportable sales amount in 2008 income statement

2. What is the reportable foreign exchange gain or loss amount in
the 2008 income statement?
3. What is the reportable value of accounts receivable from the
customer at December 31,2008 and on date of settlement
January 22, 2009?
4. What is the reportable foreign exchange gain or loss amount
on January 22, 2009 settlement date?