Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021.Account Title Debits CreditsCash$31,000 Accounts receivable 152,000 Raw materials 35,000 Notes receivable 111,000 Interest receivable 14,000 Interest payable $16,000 Investment in debt securities 43,000 Land 61,000 Buildings 1,520,000 Accumulated depreciation—buildings 631,000 Work in process 53,000 Finished goods 100,000 Equipment 322,000 Accumulated depreciation—equipment 141,000 Patent (net) 131,000 Prepaid rent (for the next two years) 71,000 Deferred revenue 47,000 Accounts payable 191,000 Notes payable 510,000 Restricted cash (for payment of notes payable) 91,000 Allowance for uncollectible accounts 24,000 Sales revenue 1,020,000 Cost of goods sold 461,000 Rent expense 39,000 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. Show work 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.)Current assets:CashAccounts receivableAllowance for uncollectible accountsNotes receivableInterest receivableInvestment in debt securitiesRaw materialsWork in processFinished goodsPrepaid rentTotal current assetsCurrent liabilities:Deferred revenueAccounts payableInterest payableTotal current liabilitiesWorking capital

Current assets means those assets which will be converted in to cash in near future generally one…

Answered: Required: Determine the company's…

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

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 14E: Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In...

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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	$	31,000
Accounts receivable		152,000
Raw materials		35,000
Notes receivable		111,000
Interest receivable		14,000
Interest payable			$	16,000
Investment in debt securities		43,000
Land		61,000
Buildings		1,520,000
Accumulated depreciation—buildings				631,000
Work in process		53,000
Finished goods		100,000
Equipment		322,000
Accumulated depreciation—equipment				141,000
Patent (net)		131,000
Prepaid rent (for the next two years)		71,000
Deferred revenue				47,000
Accounts payable				191,000
Notes payable				510,000
Restricted cash (for payment of notes payable)		91,000
Allowance for uncollectible accounts				24,000
Sales revenue				1,020,000
Cost of goods sold		461,000
Rent expense		39,000

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.

Show work

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.)
Current assets:
Cash
Accounts receivable
Allowance for uncollectible accounts
Notes receivable
Interest receivable
Investment in debt securities
Raw materials
Work in process
Finished goods
Prepaid rent
Total current assets
Current liabilities:
Deferred revenue
Accounts payable
Interest payable
Total current liabilities
Working capital

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