What is the amount of CMI's foreign exchange gain or loss on February 28^th? A) CDN$360 loss. B) CDN$120 gain. C) CDN$360 gain. D)CDN$480 gain.

Question

Quizplus · Accepted Answer

The foreign exchange gain or loss can be calculated by subtracting the beginning balance of the account from the ending balance. In this case, the beginning balance was CDN$20,000 and the ending balance was CDN$20,360, resulting in a gain of CDN$360. Therefore, option C is the correct answer.

What Is the Amount of CMI's Foreign Exchange Gain or Loss