A US Company Sells Goods to a Customer in Singapore on on November

Essay

A U.S. company sells goods to a customer in Singapore on November 5, 2020, at a price of S$100,000. The company receives payment from the customer, in Singapore dollars, on February 5, 2021. The U.S. company has a December 31 year-end. Spot rates ($/S$) are as follows:
$$\begin{array} { | l | c | } \hline & \text { Spot Rate } \\\hline \text { Noyember 5, 2020 } & \$ 0.748 \\\hline \text { December 31, 2020 } & 0.750 \\\hline \text { February 5, 2021 } & 0.747 \\\hline\end{array}$$ Required
Calculate the following amounts appearing in the U.S. company's financial statements.
a. Exchange gain or loss, 2020 income statement
b. Exchange gain or loss, 2021 income statement
c. Sales revenue, 2020
d. Accounts receivable, December 31, 2020 balance sheet