Cone Corporation is in the process of preparing its December

Last updated: 9/15/2023

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 60 000 in cash restricted in a savings account to pay debt The debt matures in 2028 b Prepaid rent of 34 000 covering the period January 1 2025 through December 31 2026 c Notes payable of 220 000 The notes are payable in annual installments of 30 000 each with the first installment payable on March 1 2025 d Accrued interest payable of 22 000 related to the notes payable is due June 30 2025 e Investment in equity securities of other corporations 100 000 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 Current assets Long term investments Other assets CONE CORPORATION Balance Sheet Partial At December 31 2024 Assets