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10 Exercise 3-8 (Algo) Balance sheet; current versus long-term classification [LO3-2, 3-3) Cone Corporation is in...
Exercise 3-8 (Algo) Balance sheet; current versus long-term classification [LO3-2, 3-3] Cone Corporation is in the...
Exercise 3-8 (Algo) Balance sheet; current versus long-term classification [LO3-2, 3-3] Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $59,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $33,000, covering the period January 1, 2022, through December 31, 2023. C. Notes payable of $218,000. The notes are payable...
11 Exercise 3-8 (Algo) Balance sheet; current versus long-term classification (LO3-2, 3-3) 1 points Cone Corporation...
11 Exercise 3-8 (Algo) Balance sheet; current versus long-term classification (LO3-2, 3-3) 1 points Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: eBook Print a $68,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $42,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $51,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $25,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of $202,000. The notes are payable in annual installments of $21,000 each with the first installment payable...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: $51,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. Prepaid rent of $25,000, covering the period January 1, 2022, through December 31, 2023. Notes payable of $202,000. The notes are payable in annual installments of $21,000 each, with the first installment payable on March 1,...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are...
Cone Corporation is in the process of preparing its December 31,
2021, balance sheet. There are some questions as to the proper
classification of the following items:
$51,000 in cash restricted in a savings account to pay bonds
payable. The bonds mature in 2025.
Prepaid rent of $25,000, covering the period January 1, 2022,
through December 31, 2023.
Notes payable of $202,000. The notes are payable in annual
installments of $21,000 each, with the first installment payable on
March 1,...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $54,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $28,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of $208,000. The notes are payable in annual installments of $24,000 each, with the first installment payable...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: $50,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. Prepaid rent of $24,000, covering the period January 1, 2022, through December 31, 2023. Notes payable of $200,000. The notes are payable in annual installments of $20,000 each, with the first installment payable on March 1,...
Cone Corporation is in the process of preparing its December 31, 2018, balance sheet. There are...
Cone Corporation is in the process of preparing its December 31, 2018, balance sheet. There are some questions as to the proper classification of the following items: a. $55,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2022. b. Prepaid rent of $29,000, covering the period January 1, 2019, through December 31, 2020. c. Note payable of $210,000. The note is payable in annual installments of $25,000 each, with the first installment payable...
Exercise 3-4 (Algo) Balance sheet preparation (LO3-2, 3-3] The following is a December 31, 2021, post-closing...
Exercise 3-4 (Algo) Balance sheet preparation (LO3-2, 3-3] The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (shorte term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals Debits Credits $ 51,000 45,000 86,000 27,000 21,000 200,000 $ 22,000 90,000 13,500 9,500 43,000 250,000...
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts...
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation 53 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 26,000 58,000 83,000 $ 11,000 46,000...
Exercise 3-8 (Algo) Balance sheet; current versus long-term classification [LO3-2, 3-3] Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $59,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $33,000, covering the period January 1, 2022, through December 31, 2023. C. Notes payable of $218,000. The notes are payable...
11 Exercise 3-8 (Algo) Balance sheet; current versus long-term classification (LO3-2, 3-3) 1 points Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: eBook Print a $68,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $42,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $51,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $25,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of $202,000. The notes are payable in annual installments of $21,000 each with the first installment payable...
Cone Corporation is in the process of preparing its December 31,
2021, balance sheet. There are some questions as to the proper
classification of the following items:
$51,000 in cash restricted in a savings account to pay bonds
payable. The bonds mature in 2025.
Prepaid rent of $25,000, covering the period January 1, 2022,
through December 31, 2023.
Notes payable of $202,000. The notes are payable in annual
installments of $21,000 each, with the first installment payable on
March 1,...
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $54,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $28,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of $208,000. The notes are payable in annual installments of $24,000 each, with the first installment payable...
Cone Corporation is in the process of preparing its December 31, 2018, balance sheet. There are some questions as to the proper classification of the following items: a. $55,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2022. b. Prepaid rent of $29,000, covering the period January 1, 2019, through December 31, 2020. c. Note payable of $210,000. The note is payable in annual installments of $25,000 each, with the first installment payable...
Exercise 3-4 (Algo) Balance sheet preparation (LO3-2, 3-3] The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (shorte term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals Debits Credits $ 51,000 45,000 86,000 27,000 21,000 200,000 $ 22,000 90,000 13,500 9,500 43,000 250,000...
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation 53 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 26,000 58,000 83,000 $ 11,000 46,000...
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