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26 Diane Corporation is preparing its 2015 balance sheet. The company records show the following selected amounts at the end of the accounting period,
26 Diane Corporation is preparing its 2015 balance sheet. The company records show the following selected amounts at the end of the accounting period, December 31, 2015: Total assets $560,000 344,000 Total noncurrent assets Liabilities: Notes payable (8%, due in 5 years) 17,000 Accounts payable 53,000 Income taxes payable 12,000 Liability for withholding taxes 5,000 Rent revenue collected in advance 7,000 Bonds payable (due in 15 years) 117,000 Wages payable 7,000 Property taxes payable 3,000 Note payable (10%, due in 6 15,000 months) Interest payable 600 260,000 Common stock Required: 1-a. Compute working capital.
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