Let's suppose you (USA dealer) imported a product from German on Dec 1, 2018 at € 300, payable in 60 days. You sold the product in the US market at $400 in cash on Dec 15, 2018. The company's fiscal year ends on Dec 31. You paid to your German supplier on Feb 1, 2019. Below, please find the exchange rate information: Dec 1, 2018: 1.2 €/$. Dec 31, 2018: 2.0 €/$. Feb 1, 2019: 1.0 €/$. What was net income for 2018 and 2019, respectively? Group of answer choices $150, $250 $100,-$200 -$150, $250 $250, -150

An exchange gain or loss is caused by a change in the exchange rate between when an invoice was…

Answered: Let's suppose you (USA dealer) imported a product from German on Dec 1, 2018 at € 300, payable in 60 days. You sold the product in the US market at $400 in cash…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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Question

H1.

Account

Let's suppose you (USA dealer) imported a product from German on Dec 1, 2018 at € 300, payable in 60 days. You sold
the product in the US market at $400 in cash on Dec 15, 2018. The company's fiscal year ends on Dec 31. You paid to your
German supplier on Feb 1, 2019.
Below, please find the exchange rate information:
Dec 1, 2018: 1.2 €/$.
Dec 31, 2018: 2.0 €/$.
Feb 1, 2019: 1.0 €/$.
What was net income for 2018 and 2019, respectively?
Group of answer choices
$150, $250
$100,-$200
-$150, $250
$250, -150

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