Question
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,
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 $ 590,000 Total noncurrent assets 302,000 Liabilities: Notes payable (8%, due in 5 years) 23,000 Accounts payable 50,000 Income taxes payable 11,000 Liability for withholding taxes 3,000 Rent revenue collected in advance 8,000 Bonds payable (due in 15 years) 100,000 Wages payable 8,000 Property taxes payable 4,000 Note payable (10%, due in 6 months) 12,000 Interest payable 500 Common stock 280,000 1) What is the working capital 2) compute quick ratio ( quick assets are 82000)
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