A review of Ace Industries, a U.S. corporation, shows the following balances in accounts receivable and accounts payable detail at September 30, 2014, their fiscal year end.
As Ace prepared to close their books, they noted that the September 30 exchange rates for the Australian dollar, Canadian dollar and Hong Kong dollar were $1.0366, $1.0301 and $0.1284, respectively.
Required:
Determine the exchange gain or loss to be included in the 2014 financial statements, and the amount of Accounts Receivable and Accounts Payable that will be included on the September 30, 2014 balance sheet.

Question

A review of Ace Industries, a U.S. corporation, shows the following balances in accounts receivable and accounts payable detail at September 30, 2014, their fiscal year end.
  As Ace prepared to close their books, they noted that the September 30 exchange rates for the Australian dollar, Canadian dollar and Hong Kong dollar were $1.0366, $1.0301 and $0.1284, respectively.
Required:
Determine the exchange gain or loss to be included in the 2014 financial statements, and the amount of Accounts Receivable and Accounts Payable that will be included on the September 30, 2014 balance sheet.

Quizplus · Accepted Answer

The Answer of A review of Ace Industries, a U.S. corporation, shows the following balances in accounts receivable and accounts payable detail at September 30, 2014, their fiscal year end.
  As Ace prepared to close their books, they noted that the September 30 exchange rates for the Australian dollar, Canadian dollar and Hong Kong dollar were $1.0366, $1.0301 and $0.1284, respectively.
Required:
Determine the exchange gain or loss to be included in the 2014 financial statements, and the amount of Accounts Receivable and Accounts Payable that will be included on the September 30, 2014 balance sheet.

A Review of Ace Industries, a U