Question

Shamrock, Inc. owns the following assets at December 31, 2020: Cash in bank savings account $47,000...

Shamrock, Inc. owns the following assets at December 31, 2020:

Cash in bank savings account

$47,000

Chequing account balance

$30,000

Cash on hand

14,300

Postdated cheque from Pharoah Company

450

Refund due (overpayment of income taxes)

32,000

Cash in a foreign bank (CAD equivalent)

92,000

Preferred shares acquired shortly before their fixed maturity date

15,600

Debt instrument with a maturity date of three months from the date acquired

13,000

(a1)

If Shamrock follows ASPE, 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:


(a2)

If Shamrock follows IFRS what amount should be reported as cash and cash equivalents?

Cash and cash equivalents under IFRS:

Homework Answers

Answer #1
1 Cash in bank savings account $47,000
Cash on hand $14,300
Chequing account balance $30,000
Cash in foreign bank $92,000
Debt instrument with maturity date of three months from the date acquired $13,000
Cash and cash equivalents under ASPE $196,300
2 Cash in bank savings account $47,000
Cash on hand $14,300
Chequing account balance $30,000
Cash in foreign bank $92,000
Debt instrument with maturity date of three months from the date acquired $13,000
Preferred shares acquired shortly before their fixed maturity date $15,600
Cash and cash equivalents under IFRS $211,900
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