Question 16

1. ABC,Inc.had the following cash balance items listed in its trial balance at 12/31/20:

CaribeBank - checking account - $50,000

CaribeBank - savings account -2,000

Latam Savings and loan - 5,000

Euro Trust Bank -10,000

Required:

1. Prepare the Current Assets and Current Liabilities section of ABC's 2020 Balance Sheet, assuming the company reports under U.S. IFRS.
2. Prepare the Current Assets and Current Liabilities section of ABC's2020 Balance Sheet, assuming the company reports under U.S. GAAP.