The controller of the Red Wing Corporation is in the process of preparing the company's $2024$ financial statements. She is trying to

determine the correct balance of cash and cash equivalents to be reported as a current asset in the balance sheet. The following items

are being considered:

a$.$ Balances in the company's accounts at the First National Bank; checking $$13,900,$ savings $$22,500.$

b$.$ Undeposited customer checks of $$5,600.$

c$.$ Currency and coins on hand of $$620.$

d$.$ Savings account at the East Bay Bank with a balance of $$440,000.$ This account is being used to accumulate cash for future plant

expansion $($in $2026).$

e$.$ $$28,000$ in a checking account at the East Bay Bank. The balance in the account represents a $20\%$ compensating balance for a

$$140,000$ loan with the bank. Red Wing may not withdraw the funds until the loan is due in $2027.$

f$.$ U$.$S$.$ Treasury bills; $2-$month maturity bills totaling $$19,000,$ and $7-$month bills totaling $$24,000.$

Required:

Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the $2024$ balance

sheet.

For each of the items not included in your answer to requirement $1,$ select the correct classification of the item.

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Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the $2024$ balance

sheet.The controller of the Red Wing Corporation is in the process of preparing the company$$s $2024$ financial statements. She is trying to determine the correct balance of cash and cash equivalents to be reported as a current asset in the balance sheet. The following items are being considered:

Balances in the company$$s accounts at the First National Bank; checking $$13,900,$ savings $$22,500.$

Undeposited customer checks of $$5,600.$

Currency and coins on hand of $$620.$

Savings account at the East Bay Bank with a balance of $$440,000.$ This account is being used to accumulate cash for future plant expansion $($in $2026).$

$$28,000$ in a checking account at the East Bay Bank. The balance in the account represents a $20\%$ compensating balance for a $$140,000$ loan with the bank. Red Wing may not withdraw the funds until the loan is due in $2027.$

U$.$S$.$ Treasury bills; $2-$month maturity bills totaling $$19,000,$ and $7-$month bills totaling $$24,000.$

Required:

Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the $2024$ balance sheet.

For each of the items not included in your answer to requirement $1,$ select the correct classification of the item.Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the $2024$ balance sheet.