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Compute what amount reported as cash and cash equivalents

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Reference no: EM132719932

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

Cash in bank savings account$48,900

Chequing account balance$30,000

Cash on hand15,000

Postdated cheque from Sandhill Co.460

Refund due (overpayment of income taxes)30,700

Cash in a foreign bank (CAD equivalent)90,000

Preferred shares acquired shortly before their fixed maturity date 15,300

Debt instrument with a maturity date of three months from the date acquired 11,500

Problem 1: IfTeal Mountain 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?

 

Reference no: EM132719932

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