User Account

All Pages

What is the amount of current liabilities

Assignment Help Financial Accounting
Reference no: EM132904490

Question - Diane Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year:

Total assets $610,000

Total noncurrent assets 348,000

Liabilities:

Notes payable (8%, due in 5 years) 25,000

Accounts payable 51,000

Income taxes payable 11,000

Liability for withholding taxes 3,000

Rent revenue collected in advance 12,000

Bonds payable (due in 15 years) 118,000

Wages payable 12,000

Property taxes payable 8,000

Note payable (10%, due in 6 months) 13,000

Interest payable 600

Common stock 250,000

Required -

1-a. What is the amount of current liabilities?

1-b. Compute 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?

Reference no: EM132904490

Questions Cloud

What would be sherry loan balance after fifteen months : What would be Sherry's loan balance after 15 months? Sherry borrows $10,000 to purchase a car. The loan contract specified a rate of 6%.
Feasible solutions to medicare raising costs : Based on what you have learned and your own research what do you think would be feasible solutions to Medicare raising costs?
Explain relevance two first principles : Explain relevance of the following two First Principles as it applies to estimating value of the property you've chosen for this assignment.
What could be done to reduce impact on residential property : What could be done to reduce the impact on residential property values? Externalities can have a significant positive or negative effect on a property's value.
What is the amount of current liabilities : Diane Corporation is preparing its year-end balance sheet. Rent revenue collected in advance 12,000. What is the amount of current liabilities
Calculate project NPV using discount rate of five percent : Calculate the project's NPV using a discount rate of 5 percent. This project would require an initial cash outlay of $5,500,000 and would generate annual.
Explain interpretation of mortgages in financial management : Explain the interpretation of mortgages in financial management. Give the characteristic of the management of the capital reserves
Calculate the annualized return on such a transaction : Demonstrate how you could execute an arbitrage transaction and calculate arbitrage profit. Calculate the annualized return on such a transaction
What is the annual rate of return on william investment : On October 15, Year One, Springfield distributed a cash dividend of $1.50 per share to its stockholders. What is the annual rate of return on William investment

Reviews

Write a Review

Financial Accounting Questions & Answers

  What would Jacob report in its income statement

Assume that Jacob sold the division's assets on December 31, 2021, for $23.30 million. What would Jacob report in its income statement

  Prepare journal entries to record sale and cash collections

Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2012, 2013, and 2014.

  Elizabeth transferred a building

Elizabeth transferred a building (adjusted basis of $200,000 and fair market value of $310,000) to Pear Corporation. In return, Elizabeth received 80% of Pear Corporation's stock (worth $180,000) and an automobile (fair market value of $50,000). In a..

  What is the maximum you are willing to pay

What is the maximum you are willing to pay for a property that is expected to produce the following net cash flows at end of each year

  Management discussion and analysis for the report

The company's management is working on preparing the Management Discussion and Analysis (MD&A) for the report.

  What are the bond equivalent and discount yields

The prospectus quotes the instrument at a true yield of 6.28 percent; what are the bond equivalent and discount yields on this investment

  Explain a stock acquisition vs an asset acquisition

Matilda Milk, Inc or buying the assets of Matilda Milk, Inc. Explain the general differences between a stock acquisition or an asset acquisition.

  Discuss the financial crisis

Discuss the 2007-2008 financial crisis and what impact it had on the financial markets. Who was impacted? What caused the crisis

  What is the cash inflows from financing activities

What is the cash inflows from financing activities? In which section cash flow statement is making and collecting of loans reported

  How much is the net advantage of planned discount policy

The collection period is expected to decrease to 2 months. ?How much is the net advantage/disadvantage of the planned discount policy?

  Calculate the amount capitalised in the statement

Calculate the amount capitalised in the statement of financial position and also the amount to be charged to revenue accounts.

  What is the desired inventory

XYX Corp projects the next period sales will be 12,000 units, and it desires ending inventory equal to 20% of the next month’s sales. What is the desired inventory?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd