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 rems are being considered: 3. Balances in the company's accounts at the First National Bank checking $15,00, savings $23,700. b. Undeposited customer checks of $6,800 c. Currency and coins on hand of $740 d. Savings account at the East Bay Bank wth a balance of $560.000. This account is being used to accumulate cash for future plant expansion (in 2026). e. $26,000 in a checking account at the East Bay Bank. The balance in the account represents a 10% compensating balance for a $260.000 loan wth the bank. Red Wing may not withdraw the funds until the loan is due in 2027. f U.S. Treasury bills: 2 month maturity bilis totaling $31.000, and 7 -month bilis totaing $36.000 Required: 1. Determine the correct balance of cakh and cash equivslents to bo feported in the current asset section of the 2024 balance cheet. 2. For each of the items not included in your answer to requirement 1. select the correct classification of the item. Coraplete this question by entering your answers in the tabs below. Decermine the correct balance of cash und cash equivalents to be reported in the current astet section of the 2024 balance phee. 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 rems are beling considered: a. Balances in the company's accounts at the First National Bank; checiang $15,100, savings $23,700. b. Undeposited customer checks of $6,800. c. Currency and coins on hand of $740. d. Savings account at the East Bay Bank with a balance of $560,000. This account is being used to accumulate cash for future plant expansion (in 2026). e. $26.000 in a checking account at the East Bay Bank. The balance in the account represents a 10% compensating balance for a $260.000 loan whth the bank. Red Wing may not withdraw the funds untli the loan is due in 2027. t U.S. Treasury bills: 2 -month maturity bilis totaling $35,000, and 7-month bilis totaling $36,000. Required: 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. 2. For each of the items not included in your answer to requirement 1 , select the correct classification of the item. Complete this question by entering your answers in the tabs below. For wach of the items not induded in your ansiver to requ rement 1 , select the correct dassification of the item
