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Discuss consist of equity securities of other corporations

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Reference no: EM131750357

Working capital from balance sheet. I am getting 271,000. The "check your answer" function is telling me this is incorrect. I am subtracting "allowance for uncollectable accounts" from A/R and only using current assets/liabilities. Not sure what is going on here. Previous posting of this similar question have been cross referenced already. See Below.

Presented below is a partial trial balance for the Messenger Corporation at December 31, 2016.
Account Title Debits Credits
Cash and cash equivalents 35,000
Accounts receivable 205,000
Raw materials inventory 41,000
Note receivable 145,000
Interest receivable 7,000
Interest payable 12,000
Marketable securities 44,000
Land 125,000
Buildings 1,550,000
Accumulated depreciation-buildings 765,000
Work in process inventory 43,000
Finished goods inventory 94,000
Equipment 425,000
Accumulated depreciation-equipment 255,000
Franchise (net of amortization) 1,300,000
Prepaid insurance (for the next year) 65,000
Deferred revenue 51,000
Accounts payable 290,000
Note payable 550,000
Salaries payable 11,000
Cash restricted for payment of note payable 125,000
Allowance for uncollectible accounts 29,000
Sales revenue 1,000,000
Cost of goods sold 525,000
Salaries expense 53,000

Additional information:

1. The note receivable, along with any accrued interest, is due on November 1, 2017.

2. The note payable is due in 2021. Interest is payable annually.

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

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

Required:

Determine the company's working capital (current assets minus current liabilities) at December 31, 2016. (Do not round your intermediate calculations.)

Reference no: EM131750357

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