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Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2016.
Account Title
Debits
Credits
Cash
20,000
Accounts receivable
130,000
Raw materials
24,000
Note receivable
100,000
Interest receivable
3,000
Interest payable
5,000
Marketable securities
32,000
Land
50,000
Buildings
1,300,000
Accumulated depreciation-buildings
620,000
Work in process
42,000
Finished goods
89,000
Equipment
300,000
Accumulated depreciation-equipment
Patent (net of amortization)
120,000
Prepaid rent (for the next two years)
60,000
Deferred revenue
36,000
Accounts payable
180,000
Note payable
400,000
Cash restricted for payment of note payable
80,000
Allowance for uncollectible accounts
13,000
Sales revenue
800,000
Cost of goods sold
450,000
Rent expense
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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