Would your computation be different if the company reported

Assignment Help Financial Accounting

Reference no: EM133433360

Question: 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 $ 600,000 Total noncurrent assets 324,000 Liabilities: Notes payable (8%, due in 5 years) 19,000 Accounts payable 51,000 Income taxes payable 15,000 Liability for withholding taxes 2,000 Rent revenue collected in advance 11,000 Bonds payable (due in 15 years) 106,000 Wages payable 11,000 Property taxes payable 7,000 Note payable (10%, due in 6 months) 12,000 Interest payable 500 Common stock 180,000

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: EM133433360

Questions Cloud

Contribute to marketing analytics : Conduct some research to explore how AI might contribute to marketing analytics.

Should governments be expected to be model employers : Should governments be expected to be model employers, even if this means higher labor costs and more procedural protection for employees? Why or why not?

How has the corporation obligation to the consumer change : Explain whether or not restrictions on the packaging of tobacco products is a violation of the industries rights?

Explain the issue or incident that occurred with the people : explain the issue/incident that occurred with the people/organization involved in a strike and lockout. Indicate if you believe this issue resulted

Would your computation be different if the company reported : Would your computation be different if the company reported $300,000 worth of contingent liabilities in the notes to its financial statements

Analyze the research and implications for hrm acquired from : Analyze the research and implications for HRM acquired from these journals: Han, K., & Jeong, S. (2021). Employees' Social Media Use and Its Impact on HRM

Determine the effective interest rate in us dollars : Determine the effective interest rate in US dollars on the loan in each of the three years 2020, 2021, and 2022 - What are the journal entries related

What are some needed policies on aging : What are some needed policies on aging? What programs to support aging would you see in a community?

What is a transfer of training intervention : What is a transfer of training intervention and what is the purpose of such interventions? Briefly describe two types of training interventions.

User Account

All Pages