Cauce 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 $,$ 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 $,$ due in $6$ months$)$

Interest payable

Common stock

Required:

$1-$a$.$ What is the amount of current liabilities?

$1-$b$.$ Compute working capital.

Would your computation be different if the company reported $$290,000$ worth of contingent liabilities in the notes to its financial

statements?

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