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 prope 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 a March 1, 2022. d. Accrued interest payable of $16,000 related to the notes payable. e. Investment in equity securities of other corporations, $88,000. Cone intends to sell one-half of the securities in 2022. Required:

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 prope 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 a March 1, 2022. d. Accrued interest payable of $16,000 related to the notes payable. e. Investment in equity securities of other corporations, $88,000. Cone intends to sell one-half of the securities in 2022. Required:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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, 2024, balance sheet. There are some questions as to the proper classification of the following items: a. $58,000 in cash restricted in a savings account to pay debt. The debt matures in 2028. b. Prepaid rent of $32,000, covering the period January 1, 2025, through December 31, 2026. c. Notes payable of $216,000. The notes are payable in annual installments of $28,000 each, with the first installment payable on March 1, 2025. d. Accrued interest payable of $20,000 related to the notes payable is due June 30, 2025. e. Investment in equity securities of other corporations, $96,000. Cone intends to sell one-half of the securities in 2025. Required: Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported.
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