Diane corporation is preparing its 2012 balance sheet. the company records show the following selected amounts at the end of the accounting period, december 31, 2012.
total assets $530,000
total noncurrent assets $362,000
liabilities:
notes payable (8%, due in 5 years) $15,000
accounts payable $56,000
income taxes payable $14,000
liability for withholding taxes $3,000
rent revenue collected in advance $7,000
bonds payable (due in 15 years) $90,000
wages payable $7,000
property taxes payable $3,000
note payable (10%, due in 6 months) $12,000
interest payable $400
common stock $100,000
required:
1. compute (a) working capital and (b) the quick ratio (quick assets are $70,000). why is working capital important to management? how do financial analysts use the quick ratio?
2. would your computations be different if the company reported $250,000 worth of contingent liabilities in the notes to the statements? explain.

The cutting department of cassel company has the following production and cost data for july. production costs 1. transferred out 12,300 units. beginning work in process $0 2. started 3,900 units that are 60% materials 62,856 complete as to conversion labor 12,622 costs and 100% complete as manufacturing overhead 23,100 to materials at july 31. materials are entered at the beginning of the process. conversion costs are incurred uniformly during the process. determine the equivalent units of production for (1) materials and (2) conversion costs. materials conversion costs total equivalent units of production link to text link to text compute unit costs. (round unit costs to 2 decimal places, e. g. 2.25.) materials $ conversion costs $ link to text link to text prepare a cost reconciliation schedule. (round unit costs to 2 decimal places, e. g. 2.25 and final answers to 0 decimal places, e. g. 1,225.) cost reconciliation costs accounted for transferred out $ work in process, july 31 materials $ conversion costs total costs $

Use the following account numbers and corresponding account titles to answer the following question. account no. account title (1) cash (2) merchandise inventory (3) cost of goods sold (4) transportation-out (5) dividends (6) common stock (7) selling expense (8) loss on the sale of land (9) sales which accounts would appear on the income statement?

In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?