Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title Debits Credits
Cash $20,000
Accounts receivable 130,000
Raw materials 24,000
Notes receivable 100,000
Interest receivable 3,000
Interest payable $5,000
Investment in
debt securities 32,000
Land 50,000
Buildings 1,300,000
Accumulated
depreciationâbuildings 620,000
Work in process 42,000
Finished goods 89,000
Equipment 300,000
Accumulated
depreciationâequipment 130,000
Patent (net) 120,000
Prepaid rent
(for the next two years) 60,000
Deferred revenue 36,000
Accounts payable 180,000
Notes payable 400,000
Restricted cash
(for payment of notes 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:

a. The notes receivable, along with any accrued interest, are due on November 22, 2022.
b. The notes payable are due in 2025. Interest is payable annually.
c. The investment in debt securities consist of treasury bills, all of which mature next year.
d. Deferred revenue will be recognized as revenue equally over the next two years.

Required:
Determine the companyâs working capital (current assets minus current liabilities) at December 31, 2016.

Required information problem 15-1a production costs computed and recorded; reports prepared lo c2, p1, p2, p3, p4 [the following information applies to the questions displayed below. marcelino co.'s march 31 inventory of raw materials is $84,000. raw materials purchases in april are $540,000, and factory payroll cost in april is $364,000. overhead costs incurred in april are: indirect materials, $59,000; indirect labor, $26,000; factory rent, $38,000; factory utilities, $19,000; and factory equipment depreciation, $58,000. the predetermined overhead rate is 50% of direct labor cost. job 306 is sold for $670,000 cash in april. costs of the three jobs worked on in april follow. job 306 job 307 job 308 balances on march 31 direct materials $30,000 $36,000 direct labor 25,000 14,000 applied overhead 12,500 7,000 costs during april direct materials 133,000 210,000 $100,000 direct labor 105,000 150,000 101,000 applied overhead ? ? ? status on april 30 finished (sold) finished in process (unsold) required: 1. determine the total of each production cost incurred for april (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from march 31). a-materials purchases (on credit). b-direct materials used in production. c-direct labor paid and assigned to work in process inventory. d-indirect labor paid and assigned to factory overhead. e-overhead costs applied to work in process inventory. f-actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) g-transfer of jobs 306 and 307 to finished goods inventory. h-cost of goods sold for job 306. i-revenue from the sale of job 306. j-assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions. 3. prepare a schedule of cost of goods manufactured. 4.1 compute gross profit for april. 4.2 show how to present the inventories on the april 30 balance sheet.