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Vladimir [108]
3 years ago
15

Matthias Corp. had the following foreign currency transactions during 2017:

Business
1 answer:
Ronch [10]3 years ago
4 0

Answer:

$7,300 loss

Explanation:

The computation of the net foreign exchange gain or loss included in the income statement is shown below:

Since the merchandise purchased value is $62,900

And, the paid amount is $53,200

So, the gain on transaction is

= $62,900 - $53,200

= $9,700

The borrowed amount is $305,000

And, the principal amount is $322,000

So, the loss is

= $305,000 - $322,000

= $17,000 loss

So in this case $7,300 loss is included which is a difference of $9,700 and $17,000

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Answer:

Zola's gross income is worked out under community property state;

Explanation:

community property state

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Under community law system, all the property is deemed to be community property and is held jointly by the spouses unless the property is acquired before marriage or inheritance or gift.

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