1. Which of the following is never a current liability account?

Prepaid rent.

Subscriptions collected in advance from customers.

Dividends payable.

Accrued payroll.

2. Disclosure notes would not include:

Definition of cash equivalents.

Details of pension plans.

Depreciation methods used and estimated useful life.

Data to adjust the financial statements so that they are not misleading.

3.Liquidity refers to:

The period until cash is used and refinancing becomes necessary.

The readiness of an asset to be converted to cash.

Financial leverage.

The amount of cash on hand at a given time.

4.Working capital is equal to:

Current assets minus current liabilities.

Current assets.

Current assets plus current liabilities.

Current liabilities.

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

	Debit	Credit
Accounts receivabletrade	730
Building and equipment	920
Cashchecking	34
Interest receivable	30
Inventory	16
Land	150
Notes receivable (long-term)	450
Petty cash fund	5
Prepaid rent	20
Supplies	8
Trademark	40
Accounts payabletrade		560
Accumulated depreciation		80
Additional paid-in capital		485
Allowance for uncollectible accounts		20
Cash dividends payable		30
Common stock, at par		15
Income tax payable		65
Notes payable (long-term)		800
Retained earnings		308
Deferred revenues		40
TOTALS	2,403	2,403

What would Symphony report as total current assets?

rev: 05_06_2016_QC_CS-51096

$823.

$843.

$838.

$1,696.