Answered: Kingbird, Inc. owns the following…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 29E

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Question

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

Cash in bank savings account	$47,000	Chequing account balance	$30,000
Cash on hand	14,000	Postdated cheque from Blossom Company	440
Refund due (overpayment of income taxes)	30,000	Cash in a foreign bank (CAD equivalent)	88,000
Preferred shares acquired shortly before their fixed maturity date	15,000	Debt instrument with a maturity date of three months from the date acquired	11,000

(a1)

If Kingbird 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? (Do not leave any answer field blank. Enter 0 for amounts.)

Cash and cash equivalents under ASPE

$enter Cash and cash equivalents under ASPE in dollars

(a2)

If Kingbird follows IFRS what amount should be reported as cash and cash equivalents?

Cash and cash equivalents under IFRS

$enter Cash and cash equivalents under IFRS in dollars

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