On March 1, 20X8, Wilson Corporation sold goods for a U. S. dollar equivalent of $31,000 to a Thai company. The transaction is denominated in Thai baht. The payment is received on May 10. The exchange rates were: March 1: 1 baht = $0.031 May 10: 1 baht = 0.034 What entry is required to revalue foreign currency payable to U. S. dollar equivalent value on May 10?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On March 1, 20X8, Wilson Corporation sold goods for a U. S. dollar equivalent of $31,000 to a Thai company. The transaction is denominated ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Elmore pays first national bank $1,000 plus a service fee to draw a check on itself made payable to go delivery service. this is
Answers (1)
Compute the payback period for each of these two separate investments: A new operating system for an existing machine is expected to cost $250,000 and have a useful life of five years.
Answers (1)
Frictional unemployment is: Group of answer choices 1. unemployment that is due to the friction of competing ideological systems. 2. unemployment caused by lack of training and education. 3.
Answers (1)
What happens to a hydrogen atom in an acid when the acid is dissolved in water
Answers (1)
Most businesses periodically remove bad accounts from their books true or false
Answers (1)
New Questions in Business
On May 31, 20X1, the Arlene Corporation adopted a plan to sell its cosmetics line of business, considered a component of the entity. By the end of the year, the assets have not been sold.
Answers (2)
Which statement describes the equity‑efficiency trade‑off? Government intervention can increase efficiency in a market. Actions intended to make economic outcomes fairer may cause efficiency to decrease.
Answers (1)
Adventures Company provides event management services. The company has three employees, each assigned to specific customers. The company considers each employee's territory as a business segment.
Answers (1)
Being a first mover in a market is advantageous for a firm because: Group of answer choices it may have an opportunity to free ride on late-mover investments. it may gain advantage through proprietary technology.
Answers (1)
In pure competition, the demand for the product of a single firm is perfectly Multiple Choice A) elastic because the firm produces a unique product. B) inelastic because the firm produces a unique product.
Answers (1)