Chocolate De-lites imports and exports chocolate delicacies. Some transactions are denominated in U.S. dollars and others in for
eign currencies. A summary of accounts receivable and accounts payable on December 31, 20X6, before adjustments for the effects of changes in exchange rates during 20X6, follows:
Accounts receivable:
In U.S. dollars $ 164,000
In 475,000 Egyptian pounds (E£) $ 73,600
Accounts payable:
In U.S. dollars $ 86,000
In 21,000,000 yen (¥) $ 175,300
The spot rates on December 31, 20X6, were
Accounts receivable:
In U.S. dollars $ 164,000
In 475,000 Egyptian pounds (E£) $ 73,600
Accounts payable:
In U.S. dollars $ 86,000
In 21,000,000 yen (¥) $ 175,300
The spot rates on December 31, 20X6, were
1 answer:
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