Sheridan Inc. owns these assets at the statement of financial position date: Cash in bank (savings account) $20,240 Cash on hand 1,540 Prepaid insurance 1,840 Cash in bank (chequing account) 12,880 Postdated cheques received from customers 920 (a) What amount should be reported as cash and cash equivalents in the statement of financial position?

Sheridan Inc. owns these assets at the statement of financial position date: Cash in bank (savings account) $20,240 Cash on hand 1,540 Prepaid insurance 1,840 Cash in bank (chequing account) 12,880 Postdated cheques received from customers 920 (a) What amount should be reported as cash and cash equivalents in the statement of financial position?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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