Cauce Corporation is preparing its year-end balance sheet. The company records show the following selected amounts...

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Cauce 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 Liabilities: Notes payable (8%, due in 5 years) Accounts payable Income taxes payable Liability for withholding taxes Rent revenue collected in advance $ 590,000 344,000 18,000 52,000 14,000 4,000 12,000 Bonds payable (due in 15 years) 117,000 Wages payable 12,000 Property taxes payable 8,000 Note payable (10%, due in 6 months) Interest payable 15,000 500 Common stock 130,000 Required: 1-a. What is the amount of current liabilities? 1-b. Compute working capital. 2. Would your computation be different if the company reported $250,000 worth of contingent liabilities in the notes to its financial statements? Complete this question by entering your answers in the tabs below. Required 1a Required 1b Required 2 What is the amount of current liabilities? Current liabilities < Required 1a Required 1b > Cauce 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 Liabilities: Notes payable (8%, due in 5 years) Accounts payable Income taxes payable Liability for withholding taxes Rent revenue collected in advance $ 590,000 344,000 18,000 52,000 14,000 4,000 12,000 Bonds payable (due in 15 years) 117,000 Wages payable 12,000 Property taxes payable 8,000 Note payable (10%, due in 6 months) Interest payable 15,000 500 Common stock 130,000 Required: 1-a. What is the amount of current liabilities? 1-b. Compute working capital. 2. Would your computation be different if the company reported $250,000 worth of contingent liabilities in the notes to its financial statements? Complete this question by entering your answers in the tabs below. Required 1a Required 1b Required 2 What is the amount of current liabilities? Current liabilities < Required 1a Required 1b >

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Current Liabilities are Particulars Amount Accounts payable 52000 Income taxes ... View the full answer