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

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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

Accounting Mar 31, 2021

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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