Multiple Choice
On March 1, 2017, Silver Corp. sold goods to a Chinese company for 10,000 Chinese yuan (10,000 RMB) to be paid on April 1, 2017. The exchange rates on March 1 and April 1, 2017 are US$8.0 = 1 RMB and US$8.5 = 1 RMB, respectively. What is Silver's revenue in US dollars and its 2017 exchange gain or loss?
A) Sales revenue = US $80,000; Exchange gain US $5,000
B) Sales revenue = US $85,000; Exchange loss US $5,000
C) Sales revenue = US $80,000; Exchange loss US $5,000
D) Sales revenue = US $85,000; Exchange gain US $5,000
Correct Answer:
Verified
Correct Answer:
Verified
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