Listed below are year-end account balances ($ in millions) taken from the record

Question

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

What is the amount of working capital for Symphony?

Multiple Choice

$170 millions.

$143 millions.

$155 millions.

$105 millions.

Debit Credit Accounts receivable-trade 723 Building and equipment 925 Cash-checking 34 Interest receivable 50 Inventory 20 Land 153 Notes receivable (long-term) 471 Petty cash funds 8 Prepaid rent 23 Supplies 12 Trademark 50 Accounts payable-trade 596 Accumulated depreciation 72 Additional paid-in capital 474 Allowance for uncollectible accounts 17 Cash dividends payable 24 Common stock, at par 12 Income tax payable 53 Notes payable (long-term) 881 Retained earnings 315 Deferred revenues 25 TOTALS 2,469 2,469

Explanation / Answer

Answer is $155 Millions

Particulars Amt Accounts receivable-trade 723 Cash-checking 34 Interest receivable 50 Inventory 20 Petty cash funds 8 Prepaid rent 23 Supplies 12 Total Current Assets (A) 870 Accounts payable-trade 596 Allowance for uncollectible accounts 17 Cash dividends payable 24 Income tax payable 53 Deferred revenues 25 Total Current Liabilities (B) 715 Working Capital (A-B) 155

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