When post collected the receivable on february 15 2012 the, Ask an Expert

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Post, Inc. had a rceivable from a foreign customer that is a payble in the customer's local currency. ON 12/31/2011, Post correctly included this receivable for 200,000 local currency units (lcu) in its balance sheet at $111,000. When Post Collected the receivable on February 15, 2012, the U.S. dolalr equivalent was $95,000. In PoST'S 2010 Consolidated income statement, how much should it report as forrign income exhange loss?

A.0
B.10,000
C.15,000
D.25,000
Please provide explanation.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9416184

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