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As at December 31, 2020, Flounder Inc. has the following balances: Cash in bank, $111,000; Investment...

As at December 31, 2020, Flounder Inc. has the following balances: Cash in bank, $111,000; Investment in preferred shares (retractable, purchased by Flounder within 90 days of maturity date), $123,000; Investment in common shares (to be sold within 30 days), $90,000; and Cash (legally restricted for an upcoming long-term debt retirement), $206,000.
Determine the December 31, 2020 cash and cash equivalents amount for the 2020 statement of cash flows under IFRS.
Cash and Cash Equivalents $enter Cash and Cash Equivalents in dollars
Determine the December 31, 2020 cash and cash equivalents amount for the 2020 statement of cash flows under ASPE.
Cash and Cash Equivalents $enter Cash and Cash Equivalents in dollars
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Answer #1
Cash and Cash equivalent
IFRS ASPE
Particulars Amount($) Amount($)
Cash in bank             1,11,000             1,11,000
Investment in preferred stock Not considered Not considered
Investment in common stock                90,000                90,000
Restricted cash Not considered             2,06,000
           2,01,000            4,07,000
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