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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: Total current assets Current liabilities: Total current liabilities Working capital 0

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: Total current assets Current liabilities: Total current liabilities Working capital 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: Total current assets Current liabilities: Total current liabilities Working capital 0
Transcribed Image Text: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: Total current assets Current liabilities: Total current liabilities Working capital 0
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 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 Debits. $ 20,000 130,000 24,000 100,000 3,000 32,000 50,000 1,300,000 42,000 89,000 300,000 120,000 60,000 80,000 Credits 450,000 28,000 $5,000 620,000 130,000 36,000 180,000 400,000 Sales revenue Cost of goods sold Rent expense 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. 13,000 800,000 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.
Transcribed Image Text: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 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 Debits. $ 20,000 130,000 24,000 100,000 3,000 32,000 50,000 1,300,000 42,000 89,000 300,000 120,000 60,000 80,000 Credits 450,000 28,000 $5,000 620,000 130,000 36,000 180,000 400,000 Sales revenue Cost of goods sold Rent expense 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. 13,000 800,000 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.
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