Question

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

Cash in bank savings account		$47,100		Chequing account balance		$30,000
Cash on hand		14,400		Postdated cheque from Ivanhoe Company		450
Refund due (overpayment of income taxes)		32,000		Cash in a foreign bank (CAD equivalent)		90,000
Preferred shares acquired shortly before their fixed maturity date		15,400		Debt instrument with a maturity date of three months from the date acquired		11,200

(a1)

If Metlock follows ASPE, what amount should be reported as cash and cash equivalents? (Do not leave any answer field blank. Enter 0 for amounts.)

(a2)

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

Answer 1

Thank you...