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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Assume that Lewis International sells running shoes to a British importer on June 1 and the sale is denominated at £75,000 and will be collected on July 15th. At the same time, Lewis International entered into a forward contract to hedge the receivable. Assume the following exchange rates:

Spot rate on June 1 \$1.6200
Forward rate for July 15 delivery \$1.6000
Spot rate on June 30 \$1.6100
Spot rate on July 15 \$1.5950

What is the amount of cash that Lewis will receive for the sale?

a. \$120,750

b. \$120,000

c. \$119,625

d. \$121,500

Accounting Basics, Accounting

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