ACCT 382 Week 3 Chapter 3 Homework Question 4 There may be chances that the figures given in our question and your question doesn’t matches. Don’t worry, we are here to help you. Just write to us at email@example.com and your answer is with you in no time. Question 4 Cone Corporation is in the process of preparing its December 31, 2013, balance sheet. There are some questions 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.
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