Answer:
The Partial Classified Balance Sheet of Cone Corporation for as December 31, 2021 is shown in the explanations.
Explanation:
The Question is to prepare the Assets and teh Liability Sections of a Classifed Balance Sheet for Cone Corporation
Cone Corporation
Balance Sheet (Classified)
As at December 31, 2021
ASSETS Amount (S)
Current Assets:
Marketable Securities 60,000
Prepaid Rent 22,000
Investments
Bond Sinking Fund 70,000
Marketable Securities 60,000
Other Assets:
Prepaid Rent 22,000
LIABILITIES AND EQUITY
Current Liabilities
Interest Payable 32,000
Current Maturities of Long-Term Debt 40,000
Long Term Liabilities
Notes payable 200,000
Notes:
1) The Prepaid rent only reports half as current assets (usable within the next one year), the next half of $22,000 becomes other assets
2) The The Notes payable is in stallments, and the instalment due in 2022 is $40,000, hence the balanc e(240,000- 40,000) 200,000 will go into notes payable remaining amount
