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Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title Debits Credits Cash $ 40,000 Accounts
Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021.
Account Title | Debits | Credits | ||||
Cash | $ | 40,000 | ||||
Accounts receivable | 170,000 | |||||
Raw materials | 44,000 | |||||
Notes receivable | 120,000 | |||||
Interest receivable | 23,000 | |||||
Interest payable | $ | 25,000 | ||||
Investment in debt securities | 52,000 | |||||
Land | 70,000 | |||||
Buildings | 1,700,000 | |||||
Accumulated depreciationbuildings | 640,000 | |||||
Work in process | 62,000 | |||||
Finished goods | 109,000 | |||||
Equipment | 340,000 | |||||
Accumulated depreciationequipment | 150,000 | |||||
Patent (net) | 140,000 | |||||
Prepaid rent (for the next two years) | 80,000 | |||||
Deferred revenue | 56,000 | |||||
Accounts payable | 200,000 | |||||
Notes payable | 600,000 | |||||
Restricted cash (for payment of notes payable) | 100,000 | |||||
Allowance for uncollectible accounts | 33,000 | |||||
Sales revenue | 1,200,000 | |||||
Cost of goods sold | 470,000 | |||||
Rent expense | 48,000 | |||||
Additional Information:
- The notes receivable, along with any accrued interest, are due on November 22, 2022.
- The notes payable are due in 2025. Interest is payable annually.
- The investment in debt securities consist of treasury bills, all of which mature next year.
- Deferred revenue will be recognized as revenue equally over the next two years.
Required: Determine the companys working capital (current assets minus current liabilities) at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
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