Reference no: EM132489198
Question - Computing Working Capital; Explaining Working Capital
Allen Corporation is preparing its 2019 balance sheet. The company records show the following selected amounts at the end of the accounting period, December 31, 2019:
Total assets $630,000
Total noncurrent assets 392,000
Liabilities:
Notes payable (8%, due in 5 years) 15,000
Accounts payable 76,000
Income taxes payable 10,000
Liability for withholding taxes 5,000
Rent revenue collected in advance 8,000
Bonds payable (due in 15 years) 90,000
Wages payable 9,000
Property taxes payable 4,000
Note payable (10%, due in 6 months) 11,500
Interest payable (due in 2 months) 800
Common stock 100,000
Required -
1. Compute working capital.
2. Would your computations be different if the company reported $250,000 worth of contingent liabilities in the notes to the statements? Explain.
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