Jones Corp has been doing business in Spain for the last year, Jones sold inventory on credit for US 480,000 with payment not due until January 2011. Jones billed its clients in US dollars. On January 1, 2009 one US dollar purchased .75 euro. On December 31, 2009 one US dollar purchased .76 euro. What is the FX transaction gain or loss for Jones Corp in 2010?

Jones Corp has been doing business in Spain for the last year, Jones sold inventory on credit for US 480,000 with payment not due until January 2011. Jones billed its clients in US dollars. On January 1, 2009 one US dollar purchased .75 euro. On December 31, 2009 one US dollar purchased .76 euro. What is the FX transaction gain or loss for Jones Corp in 2010?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 27P

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