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Neporo4naja [7]
3 years ago
6

On September 3, 20X8, Jackson Corporation purchases goods for a U.S. dollar equivalent of $17,000 from a Swiss company. The tran

saction is denominated in Swiss francs (SFr). The payment is made on October 10. The exchange rates were

Business
1 answer:
klasskru [66]3 years ago
7 0

Answer:

A.

DR Foreign Currency Transaction loss 1,000

CR Accounts Payable (SFr) $1,000

Explanation:

When the transaction was agreed on September 3, 20X8, the exchange rate was;

$0.85  : 1 franc

Therefore the $17,000 was valued at;

= 17,000/0.85

= 20,000 francs

When the transaction was paid for however, on October 10, the Franc had gained on the dollar by;

= 0.9 - 0.85

= $0.05

This means that the dollar got weaker by $0.05 so the company made a loss of

= 20,000 francs * 0.05

= 1,000 francs

This will be recorded as;

DR Foreign Currency Transaction loss 1,000

CR Accounts Payable (SFr) $1,000

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True

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EA2.
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Answer:

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Explanation:

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liubo4ka [24]

Answer:

B

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If a person was sufficiently intoxicated to lack the mental capacity to comprehend the legal consequences of entering into the c
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Answer:

The correct answer is True.

Explanation:

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  • The other party was aware of the intoxication at the time.

A voidable contract, in this instance, is one in which the intoxicated party can end the agreement under certain terms. To expand on the criteria above, in order for the intoxicated person to void the contract, there needs to be adequate proof that one of the following occurred:

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