Desi of New York sells its products to customers in the United States and the United Kingdom. On December 16,...bsmthf
Desi of New York sells its products to customers in the United States and the United Kingdom. On December 16, 2011, Desi sold merchandise on credit to Bronson Ltd. of London at a price of 32,000 pounds. The exchange rate on that day for £1 was $2.0460. On December 31, 2011, when Desi prepared its financial statements, the rate was £1 for $2.0399. Bronson paid its bill in full on January 15, 2012, at which time the exchange rate was £1 for $2.0419. Desi immediately exchanged the 32,000 pounds for U.S. dollars.
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