Purchases of 1,000,000 are made on March 1, 2022. Fine Foods pays its German suppliers on August 15, 2022, and sells the merchandise to its U.S. customers on August 31, 2022. Sales of 100,000 are made on April 1, 2022. Fine Foods receives payment from its Italian customers on July 15, 2022.
DateSpot rate ($/€)March 1, 2022$1.05April 1, 20221.10June 30, 20221.12July 15, 20221.13August 15, 20221.15August 31, 20221.18
Required
Calculate the following balances appearing on Fine Foods' financial statements.
a. Accounts payable, on the June 30, 2022, balance sheet
$Answer 1
b. Accounts receivable, on the June 30, 2022, balance sheet
$Answer 2
c. Exchange gain or loss, on the fiscal 2022 income statement
Accounts payable $Answer 3 Answer 4 gainloss
Accounts receivable $Answer 5 Answer 6 gainloss
d. Exchange gain or loss, on the fiscal 2023 income statement
Accounts payable $Answer 7 Answer 8 gainloss
Accounts receivable $Answer 9 Answer 10 gainloss
e. Sales revenue, on the fiscal 2022 income statement
$Answer 11
f. Cost of goods sold, on the fiscal 2023 income statement
$Answer 12