Total assets $630,000 340,000 Total noncurrent assets Liabilities: Notes payable (8%, due in 5 years) Accounts...

Transcribed Image Text:

Total assets $630,000 340,000 Total noncurrent assets Liabilities: Notes payable (8%, due in 5 years) Accounts payable Income taxes payable Liability for withholding taxes Rent revenue collected in advance 21,000 52,000 12,000 Bonds payable (due in 15 years) Wages payable Property taxes payable Note payable (10%, due in 6 months) Interest payable 2,000 10,000 95,000 10,000 6,000 14,000 600 Common stock 260,000 Required: 1-a. What is the amount of current liabilities? Current liabilities 1-b. Compute working capital. Working capital Total assets $630,000 340,000 Total noncurrent assets Liabilities: Notes payable (8%, due in 5 years) Accounts payable Income taxes payable Liability for withholding taxes Rent revenue collected in advance 21,000 52,000 12,000 Bonds payable (due in 15 years) Wages payable Property taxes payable Note payable (10%, due in 6 months) Interest payable 2,000 10,000 95,000 10,000 6,000 14,000 600 Common stock 260,000 Required: 1-a. What is the amount of current liabilities? Current liabilities 1-b. Compute working capital. Working capital

Answer rating: 100% (QA)

Required 1a Current Liabilities 106600 Required 1b Working Capital 183400 Explan... View the full answer