Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title Debits Credits
Cash $29, 000
Accounts receivable 148, 000
Raw materials 33, 000
Notes receivable 109, 000
Interest receivable 12, 000
Interest payable $14,000
Investment in debt securities 41, 000
Land 59, 000
Buildings 1,480, 000
Accumulated depreciation—buildings 629,000
Work in process 51,000
Finished goods 98, 000
Equipment 318,000
Accumulated depreciation—equipment 139000
Patent (net) 129,000
Prepaid rent (for the next two years 69 , 000
Deferred revenue 45,000
Accounts payable 189,000
Notes payable 490,000
Restricted cash (for payment of notes payable) 89,000
Allowance for uncollectible accounts 22,000
Sales revenue 980,000
Cost of goods sold 459,000
Rent expense 37,000

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.

Required:
Determine the company's working capital (current assets minus current liabilities) at December 31, 2021.

$308,000

Explanation:

Current Assets:

Cash                                                        29,000

Accounts receivable (net)                      126,000

Raw materials                                         33,000

Notes receivable                                  109,000

Interest receivable                                 12,000  

Investment in debt securities                41, 000  

Work in process                                     51,000

Finished goods                                     98,000    

Prepaid rent                                          34,500

Total                                                     $‭533,500‬

Accounts receivable (net) = Accounts receivable - Allowance for uncollectible accounts

= 148,000 - 22,000

= $126,000

Prepaid rent is for 2 years:

= 69,000 / 2

= $34,500

Current Liabilities

Interest Payable                                     14,000                

Deferred revenue                                  22,500

Accounts Payable                                   189,000

Total                                                      $225,500

Deferred revenue is to be recognized over 2 years =  45,000 / 2

= $22,500

Working Capital = 533,500 - 225,500

= $308,000  

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