1.

The controller for Wildhorse Co. is trying to determine the amount of cash to report on the December 31, 2020 statement of financial position. The following information is provided:

1.		A commercial savings account with $670,000 and a commercial chequing account balance of $900,000 are held at First National Bank. There is also a bank overdraft of $42,000 in a chequing account at the Royal Scotia Bank. No other accounts are held at the Royal Scotia Bank.
2.		Wildhorse has agreed to maintain a cash balance of $95,000 at all times in its chequing account at First National Bank to ensure that credit is available in the future.
3.		Wildhorse has a $4-million investment in a Commercial Bank of Montreal money-market mutual fund. This fund has chequing account privileges.
4.		There are travel advances of $25,000 for executive travel for the first quarter of next year. (Employees will complete expense reports after they travel.)
5.		A separate cash fund in the amount of $1.0 million is restricted for the retirement of long-term debt.
6.		There is a petty cash fund of $3,100.
7.		A $1,700 IOU from Marianne Koch, a company officer, will be withheld from her salary in January 2021.
8.		There are 20 cash floats for retail operation cash registers: 8 at $480, and 12 at $640.
9.		The company has two certificates of deposit, each for $470,000. These certificates of deposit each had a maturity of 120 days when they were acquired. One was purchased on October 15 and the other on December 27.
10.		Wildhorse has received a cheque dated January 12, 2021, in the amount of $23,000 from a customer owing funds at December 31. It has also received a cheque dated January 8, 2021, in the amount of $10,000 from a customer as an advance on an order that was placed on December 29 and will be delivered February 1, 2021.
11.		Wildhorse holds $2.1 million of commercial paper of Sandhill Co., which is due in 60 days.
12.		Currency and coin on hand amounted to $7,500.
13.		Wildhorse acquired 1,200 shares of Sortel for $4.00 per share in late November and is holding them for trading. The shares are still on hand at year end and have a fair value of $4.15 per share on December 31, 2020.

(a) Calculate the amount of cash to be reported on Wildhorses statement of financial position at December 31, 2020.

Cash reported on December 31, 2020, balance sheet

$

2.

Marin Inc. shows a balance of $514,440 in the Accounts Receivable account on December 31, 2020. The balance consists of the following:

Instalment accounts due in 2021		$87,000
Instalment accounts due after 2021		70,000
Overpayments to creditors		12,620
Due from regular customers, of which $40,000 represents accounts pledged as security for a bank loan		174,000
Advances to employees		69,820
Advance to subsidiary company (made in 2015)		101,000
		$514,440

Show how the information above should be presented on the statement of financial position of Marin Inc. at December 31, 2020.

Marin Inc. Statement of Financial Position choose the accounting period At the Year Month December 31, 2020December 31, 2020At the Year End December 31, 2020
		$enter a dollar amount
		enter a dollar amount
		enter a subtotal of the two previous amounts
		enter a dollar amount		$enter a total amount for subsection one
				enter a dollar amount
llectible due after December 31, 2021Instalment accounts collectible due in 2021Other				enter a dollar amount