Potter Corp. (a U.S. company in Colorado)had the following series of transactions in a foreign country during 2021:
The appropriate exchange rates during 2021 were as follows:
The beginning balance of cash was 250,000 Thai baht on January 1, 2021, converted at the spot rate of ฿1 = $0.041. What amount will Potter Corp. report in its 2021 balance sheet for Cash?

Question

Potter Corp. (a U.S. company in Colorado)had the following series of transactions in a foreign country during 2021:
  The appropriate exchange rates during 2021 were as follows:
  The beginning balance of cash was 250,000 Thai baht on January 1, 2021, converted at the spot rate of ฿1 = $0.041. What amount will Potter Corp. report in its 2021 balance sheet for Cash?

Quizplus · Accepted Answer

The Answer of Potter Corp. (a U.S. company in Colorado)had the following series of transactions in a foreign country during 2021:
  The appropriate exchange rates during 2021 were as follows:
  The beginning balance of cash was 250,000 Thai baht on January 1, 2021, converted at the spot rate of ฿1 = $0.041. What amount will Potter Corp. report in its 2021 balance sheet for Cash?