Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2018.

Additional Information:
1. The note receivable, along with any accrued interest, is due on November 22, 2019.
2. The note payable is due in 2022. Interest is payable annually.
3. The marketable securities consist of treasury bills, all of which mature in the next year.
4. Deferred revenue will be recognized as revenue equally over the next two years.
Required:
Determine the company's working capital (current assets minus current liabilities) at December 31, 2018.

Transcribed Image Text:

Credits Accounts receivable Accumulated depreciation-buildings 8 2 Accumulated depreciation-equip Patent (net of amortization) Prepaid rent (for the next two years) Deferred revenue (next ment 12 months) Cash restricted for payment of note payable Allowance for uncollectible accounts