10
23
points
Skipped
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References
Saks Fifth Avenue's balance sheet for a recent year revealed the following information:
Current assets
Noncurrent assets
Noncurrent liabilities
Stockholders' equity
Required:
$750,000
450,000
400,000
380,000
Determine the amount of working capital reported in the balance sheet.
Working capital 10
21
points
Skipped
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
Total noncurrent assets
Liabilities:
Notes payable (8%, due in 5 years) Accounts payable:
Income taxes payable
Liability for withholding taxes
$530,000
362,000
15,000
56,000
14,000
3,000
7,000
Book
90,000
Wages payable
7,000
Hint
3,000
Print
Note payable (10%, due in 6 months) Interest payable
12,000
400
Common stock
100,000
Rent revenue collected in advance
Bonds payable (due in 15 years)
Property taxes payable
References
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 $250,000 worth of contingent liabilities in the notes to its financial
statements?
Complete this question by entering your answers in the tabs below.
Required 1a Required 1b
Required 2
What is the amount of current liabilities?
Current liabilities
Required 1b >
