Listed below are account balances (in $millions) taken from the records of Symph

Question

Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system.

                                                                        Debit         Credit

Accounts receivable-trade                                    680

Building and equipment                                        920

Cash-checking                                                     34

Installment receivable                                           50

Interest receivable                                               30

Inventory                                                            16

Land                                                                  150

Notes 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

Alowance for uncollectivle 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                                                             2,523          2,523

What would Symphony report as total current assets? Total Assets, Total Liabilities, Total Equity (Hint: Don%u2019t forget the contra assets.)

Explanation / Answer

Hi,

Please find the answer as follows:

Part 1: Total Assets:

Part B: Current Assets

Part C: Total Liabilities:

Part D: Equity

Thanks.

Total Assets Accounts receivable-trade (680-20) 660 Building and equipment (920 - 80) 840 Cash-checking 34 Installment receivable 50 Interest receivable 30 Inventory 16 Land 150 Notes receivable Long-term 450 Petty cash funds 5 Prepaid expenses 20 Supplies 8 Trademark 40 Total Assets 2303

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