Exquisite Exports inc. based in St-Jérôme, QC sells products to Total S.A. in Paris, France, under the following terms:   Terms of sale: CPT, port of Le Havre, Incoterms 2020 20 wooden pallets with Maple syrup loaded in on 40-ft ocean container Terms of delivery: ocean freight Terms of payment: open account, net 60 days The container accumulated detention charges at origin for 300USD due to cargo readiness issue. Who is responsible to pay the charges?

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Nepal Co. requires advance payments with special orders for machinery constructed to customer specifications. These advances are nonrefundable. Information for Year 2 is as follows: Customer advances--balance 12/31/Year 1 Advances received with orders in Year 2 $236,000 $368,000 Advances applied to orders shipped in Year 2 $328,000 Advances applicable to orders canceled in Year 2 $100,000 In Nepal's December 31, Year 2, balance sheet, what amount should be reported as a current liability for advances from customers? Select one: a. $0 b. $176,000 c. $276.000 d. $296,000

On October 1, 2020, Mertag Company (a U.S.-based company) receives an order from a customer in Poland to deliver goods on January 31, 2021, for a price of 1,004,000 Polish zlotys (PLN). Mertag enters into a forward contract on October 1, 2020, to sell PLN 1,004,000 in four months (on January 31, 2021). U.S. dollar–Polish zloty exchange rates are as follows:   Date Spot Rate Forward Rate(to January 31, 2021) October 1, 2020 $ 0.27   $ 0.31   December 31, 2020   0.30     0.34   January 31, 2021   0.32     N/A       Mertag designates the forward contract as a fair value hedge of a foreign currency firm commitment. The fair value of the firm commitment is measured by referring to changes in the forward rate, and, therefore, forward points are included in assessing hedge effectiveness. Mertag must close its books and prepare financial statements on December 31. Discounting to present value can be ignored.   Prepare journal entries for the foreign currency forward contract,…