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 items1. $62,000 in cash restricted in a savings account to pay bonds payable. the bonds mature in 20202. prepaid rent of $36,000, covering the period january 1, 2017, through december 31, 20183. note payable of $224,000. the note is payable in annual installments of $32,000 each, with the first installment payable on march 1, 20174. accrued interest payable of $24,000 related to the note payable5. investment in marketable securities of other corporations, $104,000. cone intends to sell one-half of the securities in 2017required: prepare a partial classified balance sheet to show how each of the above items should be reported

Account of Current Assets , the criteria is to have a liquidity speed less of one year

Cash

Prepaid Rent - Half of the prepaid rent it's on Non-Current Assets because it cover part of year 2018.

Investment in Equity Sec - Half of the Investment it's on Current Assets because part will be sell on 2017.  

Account of Non Current Assets , the criteria is to have a liquidity speed more than one year and are known as fixed assets

Investment in Equity Sec

Prepaid Rent

Account of Current Liabilities , the criteria is to have a liquidity speed less of one year

Interest Payable - Accrued interest to be paid corresponds to the note payable.  

Note Payable - Correspond to the installments to be paid on March 2017.  

Account of Non-Current Liabilities , the criteria is to have a liquidity speed more than of one year

Note Payable - The note payable with mature more than one year.  

Bond Payable - Bonds to mature in 2020 with the reserve on cash.  

Explanation:

2016Balance Sheet

$62,000  Cash

$18,000  Prepaid Rent

$52,000  Investment in Equity Sec

$132,000  TOTAL CURRENT ASSETS  

$52,000  Investment in Equity Sec

$18,000  Prepaid Rent

$70,000   TOTAL NONCURRENT ASSETS  

$202,000  TOTAL ASSETS  

$24,000   Interest Payable  

$32,000   Note Payable  

$56,000   TOTAL CURRENT LIABILITIES  

$192,000  Note Payable  

$62,000   Bond Payable  

$254,000  TOTAL NONCURRENT LIABILITIES  

$310,000  TOTAL LIABILITIES  

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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