A company has a Foreign-Currency Transaction Loss of $1,000 and a Foreign-Currency Transaction Gain of $10,000.How is this information reported on the income statement?
A)Other Losses: Foreign-Currency Transaction Loss $1,000 and Other Gains: Foreign-Currency Transaction Gain $10,000
B)Other Gains: Foreign-Currency Transaction Gain,net $9,000
C)Other Comprehensive Income: Foreign-Currency Transaction Gain $10,000 and Other Comprehensive Loss: Foreign-Currency Transaction Loss $1,000
D)Other Comprehensive Income: Foreign-Currency Transaction Gain,net $9,000

Question

Quizplus · Accepted Answer

The net gain is reported as "Other Gains: Foreign-Currency Transaction Gain,net $9,000" on the income statement.

A Company Has a Foreign-Currency Transaction Loss of $1,000 and a Foreign-Currency