Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021. Account...

Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021.

Account Title	Debits	Credits
Cash and cash equivalents	42,000
Accounts receivable	219,000
Raw materials inventory	48,000
Notes receivable	127,000
Interest receivable	7,000
Interest payable		10,000
Investments	51,000
Land	160,000
Buildings	1,410,000
Accumulated depreciation—buildings		800,000
Work in process inventory	26,000
Finished goods inventory	86,000
Equipment	460,000
Accumulated depreciation—equipment		290,000
Franchise (net of amortization)	1,440,000
Prepaid insurance (for the next year)	72,000
Deferred revenue		72,000
Accounts payable		360,000
Notes payable		620,000
Salaries payable		10,000
Allowance for uncollectible accounts		36,000
Sales revenue		8,620,000
Cost of goods sold	560,000
Salaries expense	60,000

Additional information:

The notes receivable, along with any accrued interest, are due on November 1, 2022.
The notes payable are due in 2026. Interest is payable annually.
The investments consist of equity securities of other corporations. Management does not intend to sell any of the securities in the next year.
Deferred revenue will be recognized equally over the next 18 months.

Required:
Determine the company’s working capital at December 31, 2021. (Do not round your intermediate calculations.)

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ekkarill92 answered 1 year ago

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