In mills 2011 consolidated income statement how much should, Ask an Expert

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Mills Inc. had a receivable from a foreign customer that is due in the local currency of the customer (stickles). On December 31, 2010, this receivable for §200,000 was correctly included in Mills' balance sheet at $132,000. When the receivable was collected on February 15, 2011, the U.S. dollar equivalent was $144,000. In Mills' 2011 consolidated income statement, how much should have been reported as a foreign exchange gain?

A. $0.

B. $36,000.

C. $48,000.

D. $10,000.

E. $12,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
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