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Masters Corp has a 100,000 foreign currency denominated accounts receivable on its books that is due to be collected in on June 30, 2011. The following are the US dollar equivalents for this receivable at various dates:   Jan 1, 2010                  $35,000                      Dec 31, 2010                    $32,000  March 31, 2010          $38,000                      June 30, 2011                  $40,000  April 30, 2010  $         34,000  What is the FX transaction gain or loss as of the following dates?  a) Quarter ending March 31, 2010 b) Month ending April 30, 2010 c) Year ending December 31, 2010 d) Six months ended June 30, 2011

Masters Corp has a 100,000 foreign currency denominated accounts receivable on its books that is due to be collected in on June 30, 2011. The following are the US dollar equivalents for this receivable at various dates:   Jan 1, 2010                  $35,000                      Dec 31, 2010                    $32,000  March 31, 2010          $38,000                      June 30, 2011                  $40,000  April 30, 2010  $         34,000  What is the FX transaction gain or loss as of the following dates?  a) Quarter ending March 31, 2010 b) Month ending April 30, 2010 c) Year ending December 31, 2010 d) Six months ended June 30, 2011

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Masters Corp has a 100,000 foreign currency denominated accounts receivable on its books that is due to be collected in on June 30, 2011. The following are the US dollar equivalents for this receivable at various dates:  

Jan 1, 2010                  $35,000                      Dec 31, 2010                    $32,000 

March 31, 2010          $38,000                      June 30, 2011                  $40,000 

April 30, 2010  $         34,000 

What is the FX transaction gain or loss as of the following dates? 

  1. a) Quarter ending March 31, 2010
  2. b) Month ending April 30, 2010
  3. c) Year ending December 31, 2010
  4. d) Six months ended June 30, 2011
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