Honesty Company sold goods on account to a foreign company for 80,200 euros on October 20, 2022. The date of invoice is October 25, 2022 and the payment is due on January 29, 2023. Exchange rates were as follows (see image below). Answer the following subquestion(3): a. How much is the foreign exchange gain (loss) to be reported in 2022? ____________ thanks!
Honesty Company sold goods on account to a foreign company for 80,200 euros on October 20, 2022. The date of invoice is October 25, 2022 and the payment is due on January 29, 2023. Exchange rates were as follows (see image below). Answer the following subquestion(3): a. How much is the foreign exchange gain (loss) to be reported in 2022? ____________ thanks!
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Honesty Company sold goods on account to a foreign company for 80,200 euros on October 20, 2022. The date of invoice is October 25, 2022 and the payment is due on January 29, 2023. Exchange rates were as follows (see image below).
Answer the following subquestion(3):
a. How much is the foreign exchange gain (loss) to be reported in 2022?
____________
thanks!
Transcribed Image Text:October 20, 2022
October 25, 2022
December 31, 2022
January 29, 2023
BID Rate
65.50
67.70
65.10
63.40
OFFER Rate
67.20
67.80
65.40
64.50
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