Question 1 of 7-/ 1>Kingbird, Inc. owns the following assets at December 31, 2020:Cash in bank savings account$47,000Chequing account balanceCash on hand14,000Postdated cheque from Blossom CompanyRefund due (overpayment of income taxes)30,000Cash in a foreign bank (CAD equivalent)Preferred shares acquired shortly before their fixed maturity date15,000Debt instrument with a maturity date of three r(a1)If Kingbird follows ASPE and follows a policy of including all possible items in cash and cash equivalent, what amount should bereported as cash and cash equivalents? (Do not leave any answer field blank. Enter O for amounts.)Cash and cash equivalents under ASPE$(a2)If Kingbird follows IFRS what amount should be reported as cash and cash equivalents?Cash and cash equivalents under IFRS2$II Question 2 of 7>-/ 1View PoliciesCurrent Attempt in ProgressTo promote the sale of some specialty goods, Sage Hill Ltd. began a generous return policy to its customers. Customers can returnmerchandise for up to three months following the date of the invoice, no questions asked. For the current period, sales of thesespecialty goods totalled $37,30O. Sage Hill chooses to estimate any expected sales returns at the end of each reporting period,rather than recording the Refund Liability at the point of sale. At the end of the reporting period, Sage Hill estimates thatoutstanding returns will be $3,700. Assuming Sage Hill follows IFRS, prepare the required adjusting journal entry at the end of thereporting period. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter O for the amounts.Account Titles and ExplanationDebitCreditII

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To promote the sale of some specialty goods, Sage Hill Ltd. began a generous return policy to its customers. Customers can return merchandise for up to three months following the date of the invoice, no questions asked. For the current period, sales of these specialty goods totalled $37,30O. Sage Hill chooses to estimate any expected sales returns at the end of each reporting period, rather than recording the Refund Liability at the point of sale. At the end of the reporting period, Sage Hill estimates that outstanding returns will be $3,700. Assuming Sage Hill follows IFRS, prepare the required adjusting journal entry at the end of the reporting period. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Account Titles and Explanation Debit Credit

To promote the sale of some specialty goods, Sage Hill Ltd. began a generous return policy to its customers. Customers can return merchandise for up to three months following the date of the invoice, no questions asked. For the current period, sales of these specialty goods totalled $37,30O. Sage Hill chooses to estimate any expected sales returns at the end of each reporting period, rather than recording the Refund Liability at the point of sale. At the end of the reporting period, Sage Hill estimates that outstanding returns will be $3,700. Assuming Sage Hill follows IFRS, prepare the required adjusting journal entry at the end of the reporting period. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Account Titles and Explanation Debit Credit

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

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 14P

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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…
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