Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2024. Account Title Debits Credits Cash $ 38,000 Accounts receivable 166,000 Raw materials 42,000 Notes receivable 118,000 Interest receivable 21,000 Interest payable $ 23,000 Investment in debt securities 50,000 Land 68,000
Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2024. Account Title Debits Credits Cash $ 38,000 Accounts receivable 166,000 Raw materials 42,000 Notes receivable 118,000 Interest receivable 21,000 Interest payable $ 23,000 Investment in debt securities 50,000 Land 68,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 30BEB: Klynveld Companys balance sheet shows total liabilities of 94,000,000, total stockholders equity of...
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Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2024.
Account Title | Debits | Credits |
---|---|---|
Cash | $ 38,000 | |
166,000 | ||
Raw materials | 42,000 | |
Notes receivable | 118,000 | |
Interest receivable | 21,000 | |
Interest payable | $ 23,000 | |
Investment in debt securities | 50,000 | |
Land | 68,000 | |
Buildings | 1,660,000 | |
638,000 | ||
Work in process | 60,000 | |
Finished goods | 107,000 | |
Equipment | 336,000 | |
Accumulated depreciation—equipment | 148,000 | |
Patent (net) | 138,000 | |
Prepaid rent (for the next two years) | 78,000 | |
Deferred revenue | 54,000 | |
Accounts payable | 198,000 | |
Notes payable | 580,000 | |
Restricted cash (for payment of notes payable) | 98,000 | |
Allowance for uncollectible accounts | 31,000 | |
Sales revenue | 1,160,000 | |
Cost of goods sold | 468,000 | |
Rent expense | 46,000 |
Additional Information:
- The notes receivable, along with any interest receivable, are due on November 22, 2025.
- The notes payable are due in 2028. 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 company’s
Note: Amounts to be deducted should be indicated by a minus sign.
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