Yanita Company, an IFRS reporting firm, has three bank accounts. The respective account balances are as follows: Account 1: $50,000; Account 2: $70,000; Account 3: $(10,000). Consistent with IFRS, cash and cash equivalents are equal to:

Consistent with IFRS, cash and cash equivalents are equal to:

$110,000.

Explanation:

a) Data and Calculations:

Account 1:  $50,000

Account 2: $70,000

Account 3: $(10,000)

Total          $110,000

b) Yanita's cash and cash equivalents are the assets that are cash or can be converted into cash immediately, which include bank accounts and marketable securities such as commercial paper and short-term government bonds. Under IFRS, cash and cash equivalents also include bank overdrafts, which are recorded under current liabilities on the Balance Sheet.  However, under US GAAP, bank overdrafts are not treated as part of the cash and cash equivalents.  This implies that under US GAAP, Yanita's cash and cash equivalents would be totaling $120,000.

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