15 Feb Yellowribbon purchased a kitchen equipment (FOB Shipping Point) from a Chinese supplier worth CNY10,000.00 on December 21, 2022 and the latter immediately shipped the equipment. Ye
Yellowribbon purchased a kitchen equipment (FOB Shipping Point) from a Chinese supplier worth CNY10,000.00 on December 21, 2022 and the latter immediately shipped the equipment. Yellowribbon received the equipment on January 21, 2023 and paid the Chinese supplier on February 21, 2023. Below are the Foreign Exchange (ForEx) Rates:
Rate of 1PHP to CNY
Dec. 21, 2021 – 0.0200
Dec. 31, 2021 – 0.0196
Jan. 21, 2022 – 0.0192
Feb. 21, 2022 – 0.0198
How much PPE will be presented in the Statement of Financial Position on December 31, 2022?
How much PPE will be presented in the Statement of Financial Position on December 31, 2023?
What is the ForEx Gain or Loss that will be presented in the Statement of Financial Performance on December 31, 2022?
What is the ForEx Gain or Loss that will be presented in the Statement of Financial Performance on December 31, 2023?
Provide the Entries on December 31, 2022 and February 21, 2023.
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