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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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