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California State University Los Angeles - ACCOUNTING 320 B

1)Presented below is the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2016.

Account Title	Debits	Credits
Cash	40,000
Accounts receivable	170,000
Raw materials	44,000
Note receivable	120,000
Interest receivable	23,000
Interest payable		25,000
Marketable securities	52,000
Land	70,000
Buildings	1,700,000
Accumulated depreciation—buildings		640,000
Work in process	62,000
Finished goods	109,000
Equipment	340,000
Accumulated depreciation—equipment		150,000
Patent (net of amortization)	140,000
Prepaid rent (for the next two years)	80,000
Deferred revenue		56,000
Accounts payable		200,000
Note payable		600,000
Cash restricted for payment of note payable	100,000
Allowance for uncollectible accounts		33,000
Sales revenue		1,200,000
Cost of goods sold	470,000
Rent expense	48,000

Additional information:

The note receivable, along with any accrued interest, is due on November 22, 2017.
The note payable is due in 2020. Interest is payable annually.
The marketable securities consist of treasury bills, all of which mature in the next year.
Deferred revenue will be earned equally over the next two years.

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