Answer:
Diane Corporation
The amount of current liabilities is:
=  $106,600.
Explanation:
a) Data and Calculations:
Total assets $ 550,000 
Total noncurrent assets 352,000 
Liabilities: Notes payable (8%, due in 5 years) 21,000 
Accounts payable 51,000 
Income taxes payable 14,000 
Liability for withholding taxes 4,000 
Rent revenue collected in advance 9,000 
Bonds payable (due in 15 years) 100,000 
Wages payable 9,000 
Property taxes payable 5,000 
Note payable (10%, due in 6 months) 14,000 
Interest payable 600 
Common stock 250,000
Current liabilities:
Accounts payable                                $51,000 
Income taxes payable                           14,000 
Liability for withholding taxes                4,000 
Rent revenue collected in advance      9,000 
Wages payable                                      9,000 
Property taxes payable                         5,000 
Note payable (10%, due in 6 months) 14,000 
Interest payable                                       600
Total current liabilities =                 $106,600
b) Current liabilities represent the debts that Diane owes creditors within the current accounting period.  They have short-term duration or are due to be repaid within the next 12 months.