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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.
Shurshed Sports Inc. manufactures basketballs for the National Basketball Association (NBA).
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