Reference no: EM132678687
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 hand 15,000
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: If Teal 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? (Do not leave any answer field blank. Enter 0 for amounts.)
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