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3 years ago

Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021.

Business

1 answer:

dedylja [7]3 years ago

8 0

Solution :

Current Assets

Cash $ 20,000

Accounts receivable $ 1,30,000

Less: Allowance for uncollectible accounts - $ 13,000

Note receivable $ 100,000

Interest receivable $ 3,000

Marketable securities $ 32,000

Raw materials $ 24,000

Work in process $ 42,000

Finished goods $ 89,000

Prepaid Rent(Half of $ 60,000) $ 30,000

Total current assets $ 4,57,000

Current Liabilities

Deferred revenue ($36,000/2) $ 18,000

Accounts payable $ 1,80,000

Interest payable $ 5000

Total current liabilities $ 2,03,000

Working capital (4,57,000 - 2,03,000) $ 2,54,000

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