Categories

ACCT 382 - Week 3 - Chapter 3 Homework - Question 4

ACCT 382 - Week 3 - Chapter 3 Homework - Question 4
Price: $4.99
This Tutorial contains following Attachments
  • ACCT 382 - Week 3 - Chapter 3 Homework - Question 4.doc
Qty:     - OR -   Add to Wish List

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 studentwhiz@gmail.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.