Solution-Calculate the amount that should be shown as cash

Calculate the amount that should be shown as cash

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Reference no: EM133079820

Question - At December 31, 2020, Stowe Enterprises owns the following assets:

1. Cash in bank savings account $24,500

2. Cash on hand $7,400

3. Cash refund due (overpayment of income taxes) $20,400

4. Preferred shares acquired shortly before their maturity date $7,500

5. Chequing account balance $15,500

6. Postdated cheque from Yu Co. $450

7. Cash in foreign bank (Canadian dollar equivalent) $22,500

8. Investment in Government of Canada Treasury Bill with a maturity of 60 days $6,000

Required - Calculate the amount that should be shown as cash and cash equivalents on the Balance Sheet under IFRS. Give an explanation for any item not included in cash and cash equivalents. Show your work.

Reference no: EM133079820

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Calculate the amount that should be shown as cash

Reference no: EM133079820

Reference no: EM133079820

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