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Please correct my mistakes Check my work mode: This shows whet is correct or Incorrect for the work you have completed so fer. It does
Please correct my mistakes Check my work mode: This shows whet is correct or Incorrect for the work you have completed so fer. It does not Indlcate o 2 Exercise 7-1 Cash and cash equlvalents; restricted cash [LO7-2) 25 points The controller of the Red Wing Corporation is in the process of preparing the company's 2018 sinancial statements. She is trying to determine the correct balance of cash and cash equivalents to be reported as a current asset in are being considered the balance sheet. The folowing items a. Balances in the company's accounts at the First National Bank checking $14,600, savings $23.200 b Undeposited customer checks of $6.300. c Currency and coins on hand of $690 d Savings account at the East Bay Bank with a balance of $510,000. This account is being used to accumulate cash for future plant expension (in 2020) c S31,500 in a checking account at the East Bay Bank. The balance in the account represents a 16% compensating balance for a $210,000 loen with the bank. Red Wing may not withdraw the funds untl the loan is due in t U.S. Treasury bills: 2-month maturity bills totaling $26,000, and 7-month bills totaling $31000 Required: of the 2018 balance sheet. 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section 3 Answer is complete but not entirely correct. lance in checking accoure Balanoe in savings account 23.200 Curmency and coins on hand d Balance in savings account eBalance in checking account S treasury bs 10.000 3 31.500 0 26 0c0 Prex 2 Nest O Type here to search
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