Question

PLEASE FORMAT SOLUTION THE SAME WAY IT'S LISTED UNDER "REQUIRED" IN THE 2ND IMAGE

Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Credits $ Debits 29,000 148,000 33,000 109,000 12,000 $ 14,000 41,000 59,000 1,480,000 629,000 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 Sales revenue Cost of goods sold Rent expense 51,000 98,000 318,000 139,000 129,000 69,000 45,000 189,000 490,000 89,000 22,000 980,000 459,000 37,000 Additional Information: 1. The notes receivable, along with any accrued interest, are due on November 22, 2022. 2. The notes payable are due in 2025. 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.

Answer 1

Solution

Current assets
Cash	$      29,000.00
Accounts receivable (Net)	$    126,000.00
Raw material	$      33,000.00
Notes receivable	$    109,000.00
Interest receivable	$      12,000.00
Investment in debt securities	$      41,000.00
Work in process	$      51,000.00
Finished goods	$      98,000.00
Prepaid rent	$      34,500.00
Total current assets		$     533,500.00
Current liabilities
Interest payable	$      14,000.00
Deferred revenue	$      22,500.00
Accounts payable	$    189,000.00
Total current liabilities		$   (225,500.00)
Working capital		$     308,000.00