Reference no: EM131255453
Cone Corporation is in the process of preparing its December 31, 2016, balance sheet. There are some questions as to the proper classification of the following items:
a. $53,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2020.
b. Prepaid rent of $27,000, covering the period January 1, 2017, through December 31, 2018.
c. Note payable of $206,000. The note is payable in annual installments of $23,000 each, with the first installment payable on March 1, 2017.
d. Accrued interest payable of $15,000 related to the note payable.
e. Investment in marketable securities of other corporations, $86,000. Cone intends to sell one-half of the securities in 2017.
Required:
Prepare a partial classified balance sheet to show how each of the above items should be reported.
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