Wilson Company had the following cash balance items listed in its trial balance at 12/31/2018: $\begin{array}{lr}
\text {Peters on Savings and Loan: }&\$50,000\
\text {Right Bank: }&(5,000)\
\text {Clinton County Trust Bank: }&10,000\
\end{array}$
If Wilson reports under IFRS, its 12/31/2018 balance sheet would show what cash balance?

Question

Wilson Company had the following cash balance items listed in its trial balance at 12/31/2018: $\begin{array}{lr}
\text {Peters on Savings and Loan: }&\$50,000\
\text {Right Bank: }&(5,000)\
\text {Clinton County Trust Bank: }&10,000\
\end{array}$
 If Wilson reports under IFRS, its 12/31/2018 balance sheet would show what cash balance?

Quizplus · Accepted Answer

$50,000 - 5,000 + 10,000 = $55,000

Wilson Company Had the Following Cash Balance Items Listed in Its