Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title Credits 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 Accumulated depreciation-equipment Patent (net) Prepaid rent (for the next two years) Deferred revenue Accounts payable Notes payable Restricted cash (for payment of notes payable) Allowance for uncollectible accounts Sales revenue Cost of goods sold Rent expense Current assets: Total current assets Debits $ 31,000 152,000 35,000 111,000 14,000 Current liabilities: 43,000 61,000 1,520,000 Total current liabilities Working capital 53,000 100,000 322,000 131,000 71,000 91,000 461,000 39,000 $ 16,000 631,000 Additional Information: 1. The notes receivable, along with any accrued interest, are due on November 22, 2022. 2. The notes payable are due in 2025. 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. 141,000 Required: Determine the company's working capital (current assets minus current liabilities) at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) 47,000 191,000 510,000 24,000 1,020,000

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
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Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021.
Account Title
Debits
31,000
Cash
152,000
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
Accumulated depreciation-equipment
Patent (net)
Prepaid rent (for the next two years)
Deferred revenue
Accounts payable
Notes payable
Restricted cash (for payment of notes payable)
Allowance for uncollectible accounts
Sales revenue
Cost of goods sold.
Rent expense
Current assets:
$
Total current assets.
35,000
111,000
14,000
Current liabilities:
43,000
61,000
1,520,000
Total current liabilities
Working capital
53,000
100,000
322,000
131,000
71,000
91,000
461,000
39,000
Credits
$ 16,000
631,000
Additional Information:
The notes receivable, along with any accrued interest, are due on November 2022.
2. The notes payable are due in 2025. Interest is payable annually.
141,000
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.
47,000
191,000
510,000
Required:
Determine the company's working capital (current assets minus current liabilities) at December 31, 2021. (Amounts to be deducted
should be indicated by a minus sign.)
24,000
1,020,000
Transcribed Image Text:Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title Debits 31,000 Cash 152,000 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 Accumulated depreciation-equipment Patent (net) Prepaid rent (for the next two years) Deferred revenue Accounts payable Notes payable Restricted cash (for payment of notes payable) Allowance for uncollectible accounts Sales revenue Cost of goods sold. Rent expense Current assets: $ Total current assets. 35,000 111,000 14,000 Current liabilities: 43,000 61,000 1,520,000 Total current liabilities Working capital 53,000 100,000 322,000 131,000 71,000 91,000 461,000 39,000 Credits $ 16,000 631,000 Additional Information: The notes receivable, along with any accrued interest, are due on November 2022. 2. The notes payable are due in 2025. Interest is payable annually. 141,000 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. 47,000 191,000 510,000 Required: Determine the company's working capital (current assets minus current liabilities) at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) 24,000 1,020,000
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