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Determine what amount reported as cash and cash equivalents

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Reference no: EM132740505

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

Cash in bank savings account $48,300

Chequing account balance $31,000

Cash on hand 14,500

Postdated cheque from Cullumber Company 460

Refund due (overpayment of income taxes) 30,000

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 11,800

Problem 1: If Marin follows ASPE and follows a policy of including all possible items in cash and cash equivalent, what amount should be reported as cash and cash equivalents?

Cash and cash equivalents under ASPE $.................................................?

Problem 2: If Marin follows IFRS what amount should be reported as cash and cash equivalents?

Reference no: EM132740505

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