Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of...
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Accounting
Listed below are account balances (in $millions) taken from therecords of Symphony Stores. All of these are permanent accounts,except the last two that have yet to be closed. The installmentreceivables are current. Symphony uses a perpetual inventorysystem.
Debit Credit Accounts receivable-trade 680 Building and equipment 920 Cash-checking 34 Installment receivables 50 Interest receivable 30 Inventory 16 Land 150 Note receivable Long-term 450 Petty cash funds 5 Prepaid expenses (for coming year) 20 Supplies 8 Trademark 40 Accounts payable-trade 560 Accumulated depreciation 80 Additional paid-in capital, common 485 Allowance for uncollectable accounts 20 Cash dividends payable 30 Common stock, at par 15 Income tax payable 65 Notes payable (long-term) 800 Retained earnings 48 Unearned revenues 40 Cash dividends declared-common 120 Income summary 380 TOTALS 2523 2523
What would Symphony report as total assets? Hint: Don t forgetto deduct the contra assets.
What would Symphony report as total shareholders' equity? Hint:You will need to deduct dividends.
Listed below are account balances (in $millions) taken from therecords of Symphony Stores. All of these are permanent accounts,except the last two that have yet to be closed. The installmentreceivables are current. Symphony uses a perpetual inventorysystem.
| Debit | Credit | ||
|---|---|---|---|
| Accounts receivable-trade | 680 | ||
| Building and equipment | 920 | ||
| Cash-checking | 34 | ||
| Installment receivables | 50 | ||
| Interest receivable | 30 | ||
| Inventory | 16 | ||
| Land | 150 | ||
| Note receivable Long-term | 450 | ||
| Petty cash funds | 5 | ||
| Prepaid expenses (for coming year) | 20 | ||
| Supplies | 8 | ||
| Trademark | 40 | ||
| Accounts payable-trade | 560 | ||
| Accumulated depreciation | 80 | ||
| Additional paid-in capital, common | 485 | ||
| Allowance for uncollectable accounts | 20 | ||
| Cash dividends payable | 30 | ||
| Common stock, at par | 15 | ||
| Income tax payable | 65 | ||
| Notes payable (long-term) | 800 | ||
| Retained earnings | 48 | ||
| Unearned revenues | 40 | ||
| Cash dividends declared-common | 120 | ||
| Income summary | 380 | ||
| TOTALS | 2523 | 2523 |
What would Symphony report as total assets? Hint: Don t forgetto deduct the contra assets.
What would Symphony report as total shareholders' equity? Hint:You will need to deduct dividends.
Answer & Explanation Solved by verified expert
- Total Assets to be reported:
|
TOTAL ASSETS |
||
|
Accounts receivable-trade |
$ 680.00 |
|
|
Allowance for uncollectable accounts |
$ (20.00) |
$ 660.00 |
|
Building and equipment |
$ 920.00 |
|
|
Cash-checking |
$ 34.00 |
|
|
Installment receivables |
$ 50.00 |
|
|
Interest receivable |
$ 30.00 |
|
|
Inventory |
$ 16.00 |
|
|
Land |
$ 150.00 |
|
|
Note receivable Long-term |
$ 450.00 |
|
|
Petty cash funds |
$ 5.00 |
|
|
Prepaid expenses (for coming year) |
$ 20.00 |
|
|
Supplies |
$ 8.00 |
|
|
Trademark |
$ 40.00 |
|
|
TOTAL ASSETS |
$ 2,383.00 |
|
- Total Stockholder’s Equity to be reported:
|
Common stock, at par |
$ 15.00 |
|
|
Additional paid-in capital, common |
$ 485.00 |
|
|
Retained earnings: |
||
|
Beginning balance |
$ 48.00 |
|
|
Cash dividends declared-common |
$ (120.00) |
|
|
Income summary |
$ 380.00 |
$ 308.00 |
|
Total Stockholder's Equity |
$ 808.00 |
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