Business, 07.03.2020 05:03 bandnerd1

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: $70,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. Prepaid rent of $44,000, covering the period January 1, 2022, through December 31, 2023. Notes payable of $240,000. The notes are payable in annual installments of $40,000 each, with the first installment payable on March 1, 2022. Accrued interest payable of $32,000 related to the notes payable. Investment in equity securities of other corporations, $120,000. Cone intends to sell one-half of the securities in 2022. 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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Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some...

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