At December 31, 2020, Campbell Enterprises owns the following assets:

1. Cash in bank savings account at BMO $11,450
2. Cash floats for cash registers $7,100
3. Cash refund due (overpayment of income taxes) $3,200
4. A cheque from Excel Inc for $2,800 that had been deposited on December 20, but was returned NSF on December 29. The cheque was to be re-deposited on January 3, 2020. The original deposit has been included in the December 28 deposit.
5. Chequing account balance at BMO in an overdraft of ($8,400)
6. A cheque for $1,500 from Alliance Ltd. received December 30, 2019, which was not deposited until January 2, 2020.
7. A $5,000 money-market mutual fund with chequing account privileges was shown as a short term investment on the balance sheet.
8. A post dated cheque in the amount of $2,500 dated January 5, 2020.
9. Cash in foreign bank (Canadian dollar equivalent) $22,000
10. Ten petty cash accounts with a balance of $400 each.

Required:

Calculate the amount that should be shown as cash and cash equivalents on the Balance Sheet under IFRS. Show your work.

Answer rating: 100% (QA)

Solution Cash and Cash Equivalent CCE means Cash and cash Equivalent are the companys Assets into ca... View the full answer