Kingbird, Inc. owns the following assets at December 31, 2020: Cash in bank savings account $47,000 Chequing account balance $30,000 Cash on hand 14,000 Postdated cheque from Blossom Company 440 Refund due (overpayment of income taxes) 30,000 Cash in a foreign bank (CAD equivalent) 88,000 Preferred shares acquired shortly before their fixed maturity date 15,000 Debt instrument with a maturity date of three months from the date acquired 11,000
Kingbird, Inc. owns the following assets at December 31, 2020: Cash in bank savings account $47,000 Chequing account balance $30,000 Cash on hand 14,000 Postdated cheque from Blossom Company 440 Refund due (overpayment of income taxes) 30,000 Cash in a foreign bank (CAD equivalent) 88,000 Preferred shares acquired shortly before their fixed maturity date 15,000 Debt instrument with a maturity date of three months from the date acquired 11,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Kingbird, Inc. owns the following assets at December 31, 2020:
|
Cash in bank savings account
|
$47,000 |
Chequing account balance
|
$30,000 | |||
|---|---|---|---|---|---|---|
|
Cash on hand
|
14,000 |
Postdated cheque from Blossom Company
|
440 | |||
|
Refund due (overpayment of income taxes)
|
30,000 |
Cash in a foreign bank (CAD equivalent)
|
88,000 | |||
|
|
15,000 |
Debt instrument with a maturity date of three months from the date acquired
|
11,000 |
(a1)
If Kingbird follows ASPE and follows a policy of including all possible items in cash and cash equivalent, what amount should be reported as cash and cash equivalents? (Do not leave any answer field blank. Enter 0 for amounts.)
| Cash and cash equivalents under ASPE | $enter Cash and cash equivalents under ASPE in dollars |
(a2)
If Kingbird follows IFRS what amount should be reported as cash and cash equivalents?
| Cash and cash equivalents under IFRS | $enter Cash and cash equivalents under IFRS in dollars |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education