1. Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade 687 Building...

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Question

Accounting

1.

Listed below are year-end account balances ($ in millions) takenfrom the records of Symphony Stores.

DebitCredit
Accountsreceivable-trade687
Building and equipment926
Cash-checking42
Interest receivable35
Inventory19
Land159
Notes receivable(long-term)488
Petty cash fund8
Prepaid rent36
Supplies11
Trademark49
Accounts payable-trade594
Accumulated depreciation64
Additional paid-in capital478
Allowance for uncollectibleaccounts17
Cash dividends payable27
Common stock, at par15
Income tax payable52
Notes payable (long-term)857
Retained earnings329
Deferred revenues27
TOTALS2,4602,460


What would Symphony report as total current assets?

2.

Listed below are year-end account balances ($ in millions) takenfrom the records of Symphony Stores.

DebitCredit
Accountsreceivable-trade697
Building and equipment940
Cash-checking51
Interest receivable36
Inventory18
Land156
Notes receivable(long-term)481
Petty cash fund9
Prepaid rent32
Supplies10
Trademark57
Accounts payable-trade705
Accumulated depreciation62
Additional paid-in capital468
Allowance for uncollectibleaccounts19
Cash dividends payable24
Common stock, at par10
Income tax payable46
Notes payable (long-term)815
Retained earnings302
Deferred revenues36
TOTALS2,4872,487


What would Symphony report as total assets?

3.

Listed below are year-end account balances ($ in millions) takenfrom the records of Symphony Stores.

DebitCredit
Accountsreceivable-trade681
Building and equipment922
Cash-checking44
Interest receivable31
Inventory19
Land167
Notes receivable(long-term)473
Petty cash fund6
Prepaid rent24
Supplies9
Trademark50
Accounts payable-trade614
Accumulated depreciation64
Additional paid-in capital479
Allowance for uncollectibleaccounts19
Cash dividends payable24
Common stock, at par14
Income tax payable51
Notes payable (long-term)824
Retained earnings299
Deferred revenues38
TOTALS2,4262,426


What would Symphony report as total shareholders' equity?

4.

Listed below are year-end account balances ($ in millions) takenfrom the records of Symphony Stores.

DebitCredit
Accountsreceivable-trade701
Building and equipment923
Cash-checking49
Interest receivable36
Inventory22
Land167
Notes receivable(long-term)455
Petty cash funds7
Prepaid rent24
Supplies12
Trademark46
Accounts payable-trade535
Accumulated depreciation76
Additional paid-in capital482
Allowance for uncollectibleaccounts16
Cash dividends payable26
Common stock, at par11
Income tax payable60
Notes payable (long-term)899
Retained earnings307
Deferred revenues30
TOTALS2,4422,442


What is the amount of working capital for Symphony?

Answer & Explanation Solved by verified expert
3.9 Ratings (736 Votes)
Thank you for your patience Please give positive ratings so I can keep answering It would help me a lot Please comment if you have any query Thanks Symphony Stores Answer 1 Current Assets Millions Millions Accounts receivabletrade 68700 Allowance for uncollectible    See Answer
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1.Listed below are year-end account balances ($ in millions) takenfrom the records of Symphony Stores.DebitCreditAccountsreceivable-trade687Building and equipment926Cash-checking42Interest receivable35Inventory19Land159Notes receivable(long-term)488Petty cash fund8Prepaid rent36Supplies11Trademark49Accounts payable-trade594Accumulated depreciation64Additional paid-in capital478Allowance for uncollectibleaccounts17Cash dividends payable27Common stock, at par15Income tax payable52Notes payable (long-term)857Retained earnings329Deferred revenues27TOTALS2,4602,460What would Symphony report as total current assets?2.Listed below are year-end account balances ($ in millions) takenfrom the records of Symphony Stores.DebitCreditAccountsreceivable-trade697Building and equipment940Cash-checking51Interest receivable36Inventory18Land156Notes receivable(long-term)481Petty cash fund9Prepaid rent32Supplies10Trademark57Accounts payable-trade705Accumulated depreciation62Additional paid-in capital468Allowance for uncollectibleaccounts19Cash dividends payable24Common stock, at par10Income tax payable46Notes payable (long-term)815Retained earnings302Deferred revenues36TOTALS2,4872,487What would Symphony report as total assets?3.Listed below are year-end account balances ($ in millions) takenfrom the records of Symphony Stores.DebitCreditAccountsreceivable-trade681Building and equipment922Cash-checking44Interest receivable31Inventory19Land167Notes receivable(long-term)473Petty cash fund6Prepaid rent24Supplies9Trademark50Accounts payable-trade614Accumulated depreciation64Additional paid-in capital479Allowance for uncollectibleaccounts19Cash dividends payable24Common stock, at par14Income tax payable51Notes payable (long-term)824Retained earnings299Deferred revenues38TOTALS2,4262,426What would Symphony report as total shareholders' equity?4.Listed below are year-end account balances ($ in millions) takenfrom the records of Symphony Stores.DebitCreditAccountsreceivable-trade701Building and equipment923Cash-checking49Interest receivable36Inventory22Land167Notes receivable(long-term)455Petty cash funds7Prepaid rent24Supplies12Trademark46Accounts payable-trade535Accumulated depreciation76Additional paid-in capital482Allowance for uncollectibleaccounts16Cash dividends payable26Common stock, at par11Income tax payable60Notes payable (long-term)899Retained earnings307Deferred revenues30TOTALS2,4422,442What is the amount of working capital for Symphony?

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