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Cone Corporation is in the process of preparing its December 31, 2013, balance sheet. There are some problems as to the proper classification of the following items:

a. $50,000 in cash set aside in a savings account to pay bonds payable. The bonds mature in 2017.

b. Prepaid rent of $24,000, covering the period January 1, 2014, through December 31, 2015. [Prepaid expenses for a period extending beyond the coming year, a portion of the prepayment is classified as an other asset, a noncurrent asset.]

c. Note payable of $200,000. The note is payable in annual installments of $20,000 each, with the first installment payable on March 1, 2014.

d. Accrued interest payable of $12,000 related to the note payable.

e. Investment in marketable securities of other corporations, $80,000. Cone intends to sell one-half of the securities in 2014.

Required: Prepare a partial classified balance sheet to show how each of the above items should be reported.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948781

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