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Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2024. Account Title Cash Accounts receivable Raw materials.
Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2024. Account Title Cash Accounts receivable Raw materials. Notes receivable Interest receivable Interest payable Investment in debt securities Land Buildings Accumulated depreciation-buildings Work in process Finished goods Equipment Debits $ 22,000 Credits 134,000 26,000 102,000 5,000 $ 7,000 34,000 52,000 1,340,000 622,000 44,000 91,000 304,000 Accumulated depreciation-equipment 132,000 Patent (net) 122,000 Prepaid rent (for the next two years) 62,000 Deferred revenue 38,000 Accounts payable 182,000 Notes payable 420,000 Restricted cash (for payment of notes payable). 82,000 Allowance for uncollectible accounts, 15,000 Sales revenue 840,000 Cost of goods sold 452,000 Rent expense 30,000 Additional Information: 1. The notes receivable, along with any interest receivable, are due on November 22, 2025. 2. The notes payable are due in 2028. Interest is payable annually. 3. The investment in debt securities consist of treasury bills, all of which mature 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, 2024. Note: Amounts to be deducted should be indicated by a minus sign. Current assets: Cash Accounts receivable Allowance for uncollectible accounts Notes receivable Interest receivable Raw materials Work in process Finished goods Prepaid rent Total current assets Current liabilities: Deferred revenue Accounts payable Interest payable Dre
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