Below is financial information for Overachiever Ltd. The company’s year-end is December 31.

i. A commercial savings account with $575,000 and a commercial chequing account with $450,000 are held at First Royal Bank. There is also a bank overdraft of

$150,000 in a chequing account at the Lemon Bank. It is the only account held at the Lemon Bank.

ii. The company must maintain a minimum cash balance of $175,000 with First Royal Bank in order to retain its overdraft privileges.

iii. A separate cash fund for $2 million is restricted for the retirement of long-term debt.

iv. There are five cash floats for retail operation cash registers for $250 each.

v. Currency and coin on hand amount to $15,000.

vi. The petty cash fund has $1,500.

vii. The company has received a cheque dated January 18, 2021, in the amount of

$12,500 from a customer for an amount owing as at December 31.

viii. The company has received a cheque dated January 12, 2021, in the amount of

$1,800 from a customer as payment in advance for an order placed on December 27. Goods will be delivered FOB destination on January 20, 2021.

ix. There are cash advances for $15,000 paid for executive travel to occur in the first quarter of next year. These travel advances will be recovered from the travel expense reports after they travel.

x. An employee owes $2,300 that was borrowed from the company and will be withheld from his salary in January 2021.

xi. The company has invested $2.5 million in money market funds (with chequing privileges)

maturing in 2 months at the Commercial Bank of British Columbia.

xii. The company has a 180-day treasury bill for $50,000. It was purchased on November 22.

xiii. The company has a 60-day treasury bill for $18,000. It was purchased on December 15.

xiv. The company holds commercial paper for $1.56 million from Ace Furniture Co., which is due in 145 days.

xv. The company acquired 1,000 shares of Highland Ltd. for $3 per share on July 31 and is holding them for trading. The shares are still on hand as at December 31 have a fair value of $4.06 per share on December 31, 2020.
Required:

a. Prepare a partial statement of financial position (balance sheet) as at December 31, 2020, reporting any cash balances.

b. For any items not reported in

(a) above, indicate the proper way to disclose them.