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Presented below is the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2018. Account Title Debits Credits Cash $ 37,000 Accounts
Presented below is the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2018.
Account Title | Debits | Credits | ||||
Cash | $ | 37,000 | ||||
Accounts receivable | 164,000 | |||||
Raw materials | 41,000 | |||||
Note receivable | 117,000 | |||||
Interest receivable | 20,000 | |||||
Interest payable | $ | 22,000 | ||||
Marketable securities | 49,000 | |||||
Land | 67,000 | |||||
Buildings | 1,640,000 | |||||
Accumulated depreciationbuildings | 637,000 | |||||
Work in process | 59,000 | |||||
Finished goods | 106,000 | |||||
Equipment | 334,000 | |||||
Accumulated depreciationequipment | 147,000 | |||||
Patent (net of amortization) | 137,000 | |||||
Prepaid rent (for the next two years) | 77,000 | |||||
Deferred revenue | 53,000 | |||||
Accounts payable | 197,000 | |||||
Note payable | 570,000 | |||||
Cash restricted for payment of note payable | 97,000 | |||||
Allowance for uncollectible accounts | 30,000 | |||||
Sales revenue | 1,140,000 | |||||
Cost of goods sold | 467,000 | |||||
Rent expense | 45,000 | |||||
Additional information:
- The note receivable, along with any accrued interest, is due on November 22, 2019.
- The note payable is due in 2022. Interest is payable annually.
- The marketable securities consist of treasury bills, all of which mature in the 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, 2018.
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