How much should it report as a foreign exchange loss, Accounting Basics

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How much should it report as a foreign exchange loss

Post Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2011, Post correctly included this receivable for 200,000 local currency units (LCU) in its balance sheet at $110,000. When Post collected the receivable on February 15, 2012, the U.S. dollar equivalent was $95,000. In Post's 2012 consolidated income statement, how much should it report as a foreign exchange loss?

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Accounting Basics: How much should it report as a foreign exchange loss

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Accounting Basics: How much should it report as a foreign exchange loss

Reference No:- TGS064800

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Recent Questions Asked Accounting Basics

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Accounting Basics: How much should it report as a foreign exchange loss

Reference No:- TGS064800

Recent Questions Asked Accounting Basics

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