Reporting Financial Items in the Balance Sheet A company is preparing its balance sheet at December 31. The following items are under consideration. For each item, determine the amount(s) to be recognized on the balance sheet and classify each amount as one of the following: (a) current assets, (b) investments, (c) property, plant, and equipment, (d) other assets, (e) current liabilities, or (f) long-term liabilities. More than one amount may apply to an item. 1) Note payable of $80,000 originating on December 31 of this year. Thislong-term note will be paid in installments. The first installment of $10,000 is to be paid August 1 of next year. 2) Bonds payable balance is $200,000 3) Bond sinking fund balance is $40,000; this fund is being accumulated to retire bonds at maturity.

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4) Rent paid in advance for the first quarter of next year on a short-term lease is $6,000.

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5) Accounts payable of $14,000 is due to suppliers in credit periods ranging from 30 to 60 days.

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6) A 3-year, 8%, $40,000 note payable to bank originated on November 1 of this year and requires quarterly interest payments. Note: Round your answer to the nearest whole dollar.

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7) Year-end bonuses, based upon current year reported net income, are estimated to be $30,000 and are payable March 15 of next year.

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