E9-1 (Algo) Identifying Current Liabilities, Computing Working Capital, and explaining Working Capital LO 9-1, 9-4, 9-5 Diane Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: $600,000 340,000 Total assets Total noncurrent assets Liabilities: Notes payable (88, 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 (100, due in 6 months) Interest payable Common stock 20,000 51,000 10,000 1.000 10,000 95,000 10,000 6,000 12,000 800 270,000 Required: 1-a. What is the amount of current liabilities? Current liabilities 1-b. Compute working capital Help MC EU ULLuvane Bonds payable (due in 15 years) Wages payable Property taxes payable Note payable (105, due in 6 months) Interest payable Common stock AVVU 95,000 10,000 6,000 12,000 800 270,000 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 $260,000 worth of contingent liabilities in the notes to its financial statements? Yes No