Reference no: EM132545479
Question - Stowe Enterprises owns the following assets at December 31, 2020:
Cash in bank savings account $56,200
Chequing account balance $46,300
Cash on hand 14,800
Postdated cheque from Yu Co. 450
Cash refund due (overpayment of income taxes) 21,400
Cash in a foreign bank (CAD equivalent) 90,000
Preferred shares acquired shortly before their fixed maturity date 15,500
Debt instrument with a maturity date of three months from the date acquired 12,000
If Stowe follows ASPE, what amount should be reported as cash and cash equivalents? Explain how your answer would differ if Stowe followed IFRS.
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