Asked by Abigail Aleman on Jul 11, 2024
Verified
Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2021: 
The appropriate exchange rates during 2021 were as follows: 
What amount will Coyote Corp. report in its 2021 balance sheet for Accounts receivable?
Accounts Receivable
The amount of money owed to a company for goods or services that have been delivered but not yet paid for.
Exchange Rates
The price at which one currency can be converted into another currency, influencing international trade and investments.
- Master the effects that foreign currency movements have on evaluating transactions and compiling financial statements.
Verified Answer
NE
Narjes ElkheshenJul 18, 2024
Final Answer :
Accounts receivable [(54,000 − 48,000 pesos) × $0.25] = $1,500
Learning Objectives
- Master the effects that foreign currency movements have on evaluating transactions and compiling financial statements.