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Prepare the Current Assets and Current Liabilities section

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Reference no: EM132601150

Question - ABC, Inc. had the following cash balance items listed in its trial balance at 12/31/20:

Caribe Bank - checking account - $50,000

Caribe Bank - savings account -2,000

Latam Savings and loan - 5,000

Euro Trust Bank -10,000

Required -

1. Prepare the Current Assets and Current Liabilities section of ABC's 2020 Balance Sheet, assuming the company reports under U.S. IFRS.

2. Prepare the Current Assets and Current Liabilities section of ABC's 2020 Balance Sheet, assuming the company reports under U.S. GAAP.

Reference no: EM132601150

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