Business, 16.03.2020 23:58 Chartwig4576
Exercise 7-1 (Algo) Cash and cash equivalents; restricted cash [LO7-2] The controller of the Red Wing Corporation is in the process of preparing the company’s 2021 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 $14,200, savings $22,800. Undeposited customer checks of $5,900. Currency and coins on hand of $650. Savings account at the East Bay Bank with a balance of $470,000. This account is being used to accumulate cash for future plant expansion (in 2023). $17,000 in a checking account at the East Bay Bank. The balance in the account represents a 10% compensating balance for a $170,000 loan with the bank. Red Wing may not withdraw the funds until the loan is due in 2024. U. S. Treasury bills; 2-month maturity bills totaling $22,000, and 7-month bills totaling $27,000. Required: 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet.
Answers: 2
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142"what is the value of n? soefon11402bebe99918+19: 00esseeshop60-990 0esle
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Which of the following is not a characteristic of a weak economy? a. a low employment rateb. a high inflation ratec. a decreased gdpd. a high unemployment rate
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What additional information about the numbers used to compute this ratio might be useful in you assess liquidity? (select all that apply) (a) the maturity schedule of current liabilities (b) the average stock price for the industry (c) the average current ratio for the industry (d) the amount of current assets that is concentrated in relatively illiquid inventories
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Exercise 7-1 (Algo) Cash and cash equivalents; restricted cash [LO7-2] The controller of the Red Win...
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