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 $570,000

Total concurrent assets 352,000

Liabilities:

Notes payable (8%, due in 5 years) 24,000

Accounts payable 52,000

Income taxes payable 11,000

Liability for withholding taxes 3,000

Rent revenue collected in advance 9,000

Bonds payable (due in 15 years) 93,000

Wages payable 9,000

Property taxes payable 5,000

Note payable (10%, due in 6 months) 13,000

Interest payable 600

Common stock 110,000

Required:

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

Current liabilities

1-b. Compute working capital.

Working capital

2. Would your computation be different if the company reported $330,000 worth of contingent liabilities in the notes to its financial statements?

__ Yes

__ No