Check my work 1 E9-1 (Algo) Identifying Current Liabilities, Computing Working Capital, and Explaining Working Capital LO 9-1, 9-4, 9-5 25 points Diane Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: $570,000 356,000 eBook 000 Hint 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 Bonds payable (due in 15 years) Wages payable Property taxes payable Note payable (10%, due in 6 months) Interest payable Common stock 18,000 54,000 11,000 5,000 11,000 91,000 11,000 7,000 16,000 700 240,000 References Required: 1-a. What is the amount of current liabilities? Current liabilities 1-b. Compute working capital Working capital Mc Check my work 1 Property taxes payable Note payable (184, due in 6 months) Interest payable Common stock 7,000 16,000 700 240,000 25 points Required: 1-a. What is the amount f current liabilities? Current liabilities eBook D Hint 1-b. Compute working capital. References Working capital 2. Would your computation be different if the company reported $300,000 worth of contingent liabilities in the notes to its financial statements? Yes No