As of December 31, 2017, Pronghorn Inc. has the following balances: Cash in bank, $107,000; Investment...
As of December 31, 2017, Pronghorn Inc. has the following balances: Cash in bank, $107,000; Investment in preferred shares (retractable, purchased by Pronghorn within 90 days of maturity date), $119,000; Investment in common shares (to be sold within 30 days), $90,000; and Cash (legally restricted for an upcoming long-term debt retirement), $243,000.
Determine the December 31, 2017 cash and cash equivalents amount
for the 2017 statement of cash flows under ASPE.
| Cash and Cash Equivalents |
Homework Answers
Under IFRS, preferred shares acquired within a short period of their maturity (3 months or less) and with a specified redemption date are treated as cash equivalents. Therefore, under IFRS, the December 31, 2017 cash and cash equivalents amount for the 2017 statement of cash flows will be
226,000(107,000+119,000).
Investment in common stock and restricted cash will not be considered under the category cash and cash equivalents.
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