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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
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 $570,000 362,000 Liabilities: Notes payable (8%, due in 5 years) 17,000 Accounts payable 54,000 Income taxes payable 12,000 Liability for withholding taxes 3,000 Rent revenue collected in advance 9,000 Bonds payable (due in 15 years) 110,000 Wages payable 9,000 Property taxes payable 5,000 Note payable (10%, due in 6 months) Interest payable 12,000 600 Common stock 160,000 Required: 1-a. What is the amount of current liabilities? Current liabilities 1-b. Compute working capital. Working capital
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