Presented below is the ending balances of accounts for the Kansas Instruments Corporation at December...
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Accounting
Presented below is the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2016 Account Title Cash Accounts receivable Raw materials Note receivable Interest receivable Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Work in process Finished goods Equipment Accumulated depreciation-equipment Patent (net of amortization) Prepaid rent (for the next two years) Deferred revenue Accounts payable Note payable Cash restricted for payment of note payable Allowance for uncollectible accounts Sales revenue Cost of goods sold Rent expense Debits Credits 20,000 130,000 24,000 100,000 3,000 5,000 32,000 50,000 1,300,000 620,000 42,000 89,000 300,000 130,000 120,000 60,000 36,000 180,000 400,000 80,000 13,000 800,000 450,000 28,000 Additional information: 1. The note receivable, along with any accrued interest, is due on November 22, 2017 2. The note payable is due in 2020. Interest is payable annually 3. The marketable securities consist of treasury bills, all of which mature in the next year 4. Deferred revenue will be earned equally over the next two years Required Determine the company's working capital (current assets minus current liabilities) at December 31, 2016 (Amounts to be deducted should be indicated by a minus sign.)
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