uce Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: Total assets $ 620,000 Total noncurrent assets 314,000 Liabilities: Notes payable (8%, due in 5 years) 24,000 Accounts payable 55,000 Income taxes payable 10,000 Liability for withholding taxes 1,000 Rent revenue collected in advance 9,000 Bonds payable (due in 15 years) 109,000 Wages payable 9,000 Property taxes payable 5,000 Note payable (10%, due in 6 months) 15,000 Interest payable 800 Common stock 180,000
uce Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: Total assets $ 620,000 Total noncurrent assets 314,000 Liabilities: Notes payable (8%, due in 5 years) 24,000 Accounts payable 55,000 Income taxes payable 10,000 Liability for withholding taxes 1,000 Rent revenue collected in advance 9,000 Bonds payable (due in 15 years) 109,000 Wages payable 9,000 Property taxes payable 5,000 Note payable (10%, due in 6 months) 15,000 Interest payable 800 Common stock 180,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 19BEA
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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 | $ 620,000 |
---|---|
Total noncurrent assets | 314,000 |
Liabilities: | |
Notes payable (8%, due in 5 years) | 24,000 |
Accounts payable | 55,000 |
Income taxes payable | 10,000 |
Liability for withholding taxes | 1,000 |
Rent revenue collected in advance | 9,000 |
Bonds payable (due in 15 years) | 109,000 |
Wages payable | 9,000 |
Property taxes payable | 5,000 |
Note payable (10%, due in 6 months) | 15,000 |
Interest payable | 800 |
Common stock | 180,000 |
Required:
1-a. What is the amount of current liabilities?
1-b. Compute
2. Would your computation be different if the company reported $350,000 worth of
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