Homework Answers
| Cone Corporation | |
| Balance sheet (partial) | |
| At december 31 , 2018 | |
| Current assets | |
| marketable securities(90000/2) | 45000 |
| Prepaid rent(29000/2) | 14500 |
| Investments | |
| Restricted cash | 55000 |
| Marketable securities(90000/2) | 45000 |
| Other assets | |
| Prepaid rent(29000/2) | 14500 |
| Liabilties & stockholder's equity | |
| Current liabilties | |
| interest payable | 17000 |
| current maturities of long term debt | 25000 |
| Long term liabilities | |
| Note payable(210000-25000) | 185000 |
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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...
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: $66,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2022. Prepaid rent of $40,000, covering the period January 1, 2019, through December 31, 2020. Note payable of $232,000. The note is payable in annual installments of $36,000 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:
$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, 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...
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...
10 Exercise 3-8 (Algo) Balance sheet; current versus long-term classification [LO3-2, 3-3) Cone Corporation is in...
10 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: 6.25 points (8 01:20:45 a $56,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $30,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of...
Problem 3-3 Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2018, post-closing trial...
Problem 3-3 Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2018, post-closing trial balance for Almway Corporation Account Title Cash InvestmentS Accounts receivable Inventories Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation buildings Equipment Accumulated depreciation equipment Patents (net of amortization) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $55,000 120,000 65,000 205,000 7,000 100,000 425,000 $ 105,000 115,000 65,000 15,000 85,000 145,000 25,000 245,000 315,000 122,000...
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, 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...
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...
10 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: 6.25 points (8 01:20:45 a $56,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $30,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of...
Problem 3-3 Balance sheet preparation [LO3-2, 3-3] The following is a December 31, 2018, post-closing trial balance for Almway Corporation Account Title Cash InvestmentS Accounts receivable Inventories Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation buildings Equipment Accumulated depreciation equipment Patents (net of amortization) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits Credits $55,000 120,000 65,000 205,000 7,000 100,000 425,000 $ 105,000 115,000 65,000 15,000 85,000 145,000 25,000 245,000 315,000 122,000...
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