Calculate the exchange gain or loss on the payment, Accounting Basics

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Calculate the exchange gain or loss on the payment

Question: Blue Inc. has agreed to make the payment for purchased goods costing 76,000 shillings on August 1. The payment is made on September 1 in shillings. Calculate the exchange gain or loss on the payment made by Blue Inc. (Round answer to two decimal places.) The spot rates of dollars for shillings are as follows: August 1: $1 = 105.06 September 1: $1 = 109.85 a. $16.79 exchange gain b. $21.09 exchange loss c. $31.55 exchange gain d. $35.02 exchange loss

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Accounting Basics: Calculate the exchange gain or loss on the payment

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Accounting Basics: Calculate the exchange gain or loss on the payment

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