Question

Sheridan Inc. owns these assets at the statement of financial position date: Cash in bank (savings...

Sheridan Inc. owns these assets at the statement of financial position date:

Cash in bank (savings account) $22,600 (1)
Cash on hand 1,700
Income tax refund due from the Canada Revenue Agency 2,000
Cash in bank (chequing account) 13,300
Postdated cheques received from customers 1,100


Note: (1) As a condition of a loan, the bank requires Sheridan to maintain a minimum balance of $4,500 in the account, which is included in the savings account balance shown above.

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What amount should be reported as cash and cash equivalents in the statement of financial position?

Cash $enter a dollar amount that should be reported as cash and cash equivalents in the statement of financial position
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