Question

15) Presented below is a partial trial balance for the Messenger Corporation at December 31, 2018....

15) Presented below is a partial trial balance for the Messenger Corporation at December 31, 2018.

Account Title                                          debit               credit

Cash and cash equivalents                                30000

Accounts receivable                                     192000

Raw materials inventory                                  36000

Note receivable                                         125000

Interest receivable                                       4000

Interest payable                                                            8000

Marketable securities investments                          48000

Land                                                  100000

Buildings                                               1500000

Accumulated depreciation—buildings                                         740000

Work in process inventory                                38000

Finished goods inventory                                 68000

Equipment                                             400000

Accumulated depreciation—equipment                                       230000

Franchise (net of amortization)                            120000

Prepaid insurance (for the next year)                       60000

Deferred revenue                                                           48000

Accounts payable                                                          290000

Note payable                                                              500000

Salaries payable                                                            8000

Allowance for uncollectible                                                   24000

accounts Sales revenue                                                      900000

Cost of goods sold                                       500000

Salaries expense                                         48000  

Additional information:

I. The note receivable, along with any accrued interest, is due on November 1, 2019.

2. The note payable is due in 2023. Interest is payable annually.

3. The marketable securities consist of investments in equity securities of other corporations. Management does not intend to sell any of the securities in the next year.

4. Deferred revenue will be recognized equally over the next 18 months

Required: Determine the company's working capital at December 31, 2018.

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