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Question - Using the following information what amount should be reported as current liabilities and what is the working capital?
Wages Payable $25,600
Cash 17,700
Mortgage Payable 151,600
Dividends Payable 14,000
Prepaid Rent 13,600
Inventory 81,800
Sinking Fund Assets 52,400
Short-term Investment 12,500
Premium on bonds payable 4,600
Stock Investment in Subsidiary 102,400
Taxes Payable 22,800
Accounts Payable 24,800
Accounts Receivable 36,600
Problem based on International Accounting Standards Board. In April 2004, FASB and the IASB created a joint project on financial statement presentation.
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