What amount should be reported as cash and cash equivalents in the statement of

Question

What amount should be reported as cash and cash equivalents in the statement of financial position?

Cash$

Crane Inc. owns these assets at the statement of financial position date:
Cash in bank (savings account) $22,900 Cash on hand 1,800 Income tax refund due from the Canada Revenue Agency 2,100 Cash in bank (chequing account) 13,600 Postdated cheques received from customers 900 Notes: 1. As a condition of a loan, the bank requires Crane to maintain a minimum balance of $5,400 in the account. Your answer is incorrect. Try again.

What amount should be reported as cash and cash equivalents in the statement of financial position?

Cash$

Explanation / Answer

Amount that should be reported as cash and cash equivalents in the statement of financial position =

Answer =

Cash in bank (savings account) $22,900 Compensating balance (5400) Cash on hand 1,800 Income tax refund due from the Canada Revenue Agency 0 Cash in bank (chequing account) 13,600 Postdated cheques received from customers 0 cash and cash equivalents 32,900

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