Homework Answers
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 |
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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,...
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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...
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