16.

Diane Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year:

16. 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 $540,000 318,000 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 20,000 55,000 13,000 1,000 12,000 18,000 12,000 8,000 15,000 Common stock 270,000 Required 1-a. What is the amount of current liabilities? 1-b. Compute working capital 2. Would your computation be different if the company reported tion be different if the company reported $250,000 worth of contingent liabilties in the notes to its inancial Yes No