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. $570,000 306,000 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 21,000 55,000 13,000 3,000 7,000 96, eve 7,000 3,000 15,000 700 130,000 Required: 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 $280,000 worth of contingent liabilities in the notes to its financial statements? Yes