Costa Co. has the following cash balances at local banks as of 12/31/2013:

Required:

1. Prepare the Current Assets and Current Liabilities section of Costa's 2013 balance sheet, assuming Parker reports under U.S. GAAP.
2. Prepare the Current Assets and Current Liabilities section of Costa's 2013 balance sheet, assuming Parker reports under IFRS.

Question

Costa Co. has the following cash balances at local banks as of 12/31/2013:

Required:

1. Prepare the Current Assets and Current Liabilities section of Costa's 2013 balance sheet, assuming Parker reports under U.S. GAAP.
2. Prepare the Current Assets and Current Liabilities section of Costa's 2013 balance sheet, assuming Parker reports under IFRS.

Quizplus · Accepted Answer

The Answer of Costa Co. has the following cash balances at local banks as of 12/31/2013:

Required:

1. Prepare the Current Assets and Current Liabilities section of Costa's 2013 balance sheet, assuming Parker reports under U.S. GAAP.
2. Prepare the Current Assets and Current Liabilities section of Costa's 2013 balance sheet, assuming Parker reports under IFRS.

Costa Co Has the Following Cash Balances at Local Banks as as of 12/31/2013