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Please Help I dont understand what I still have to do its due in 2 hours Cone Corporation is in the process of preparing its
Please Help I dont understand what I still have to do its due in 2 hours
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. $63,000 in cash restricted in a savings account to pay debt. The debt matures in 2028 . b. Prepaid rent of $37,000, covering the period January 1, 2025, through December 31, 2026. c. Notes payable of $226,000. The notes are payable in annual installments of $33,000 each, with the first installment payable on March 1, 2025. d. Accrued interest payable of $25,000 related to the notes payable is due June 30,2025 . e. Investment in equity securities of other corporations, $106,000. Cone intends to sell one-half of the securities in 2025. RequiredStep by Step Solution
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