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no handwriting pls or make it clear. E9-1 (Algo) Identifying Current Liabilities, Computing Working Capital, and Explaining Working Capital LO 9-1, 9-4, 9-5 Diane Corporation
no handwriting pls or make it clear.
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: Total assets $600,000 Total noncurrent assets 340,000 Liabilities: Notes payable (8%, due in 120 17,000 5 years) Accounts payable 52,000 Income taxes payable 13,000 Liability for withholding 1,000 taxes Rent revenue collected in 8.000 advance Bonds payable (due in 15 98.000 years) Wages payable 8,000 Property taxes payable 4,000 Note payable (10%, due in 16.000 6 months) Interest payable 600 Common stock 130,000 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 $320,000 worth of contingent liabilities in the notes to its financial statements? Yes NoStep by Step Solution
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