Diane Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year. Total assets Total noncurrent assets Liabilities: Notes payable (8%, due in 5 years) Accounts payable Income taxes payable Liability for withholding taxes Rent revenue collected in advance Bonds payable (due in 15 years) Wages payable Property taxes payable Note payable (10%, due in 6 months) Interest payable Common stock Required: 1-a. What is the amount of current liabilities? Current liabilites 1-b. Compute working capital. Working capital $580,000 326,000 25,000 52,000 14,000 4,000 11,000 111,000 11,000 7,000 13,000 700 100,000
Diane Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year. Total assets Total noncurrent assets Liabilities: Notes payable (8%, due in 5 years) Accounts payable Income taxes payable Liability for withholding taxes Rent revenue collected in advance Bonds payable (due in 15 years) Wages payable Property taxes payable Note payable (10%, due in 6 months) Interest payable Common stock Required: 1-a. What is the amount of current liabilities? Current liabilites 1-b. Compute working capital. Working capital $580,000 326,000 25,000 52,000 14,000 4,000 11,000 111,000 11,000 7,000 13,000 700 100,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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