Answer:
CONE CORPORATION | |
Balance Sheet (Partial) | |
At December 31, 2021 | |
Assets | |
Current Assets: | |
Marketable Securities (116000/2) | 58000 |
Prepaid Rent (42000/2) | 21000 |
Investments: | |
Bond Sinking Fund | 80000 |
Marketable Securities (116000/2) | 58000 |
Other Assets: | |
Prepaid Rent (42000/2) | 21000 |
Liabilities and Shareholders' Equity | |
Current Liabilities: | |
Interest Payable | 30000 |
Current Maturities of long term debt | 38000 |
Long term Liabilities: | |
Note Payable (236000- 38000) | 198000 |
11 Exercise 3-8 (Algo) Balance sheet; current versus long-term classification (LO3-2, 3-3) 1 points Cone Corporation...
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...
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...
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: $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: $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 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...
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,...
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...