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3. Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable 665 Building and equipment
3.
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
Debit | Credit | |||
Accounts receivable | 665 | |||
Building and equipment | 923 | |||
Cash | 50 | |||
Interest receivable | 44 | |||
Inventory | 19 | |||
Land | 170 | |||
Notes receivable (long-term) | 497 | |||
Prepaid rent | 38 | |||
Supplies | 13 | |||
Trademark | 43 | |||
Accounts payable | 607 | |||
Accumulated depreciation | 65 | |||
Additional paid-in capital | 468 | |||
Dividends payable | 29 | |||
Common stock (at par) | 12 | |||
Income tax payable | 53 | |||
Notes payable (long-term) | 883 | |||
Retained earnings | 314 | |||
Deferred revenue | 31 | |||
TOTALS | 2,462 | 2,462 | ||
What is the amount of working capital for Symphony?
4. Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021:
Accounts receivable | $12,700 |
Inventory | 40,000 |
Patent | 12,000 |
Investments | 30,700 |
Prepaid insurance | 7,700 |
Notes receivable, due 2024 | 51,200 |
Investments consist of treasury bills that were purchased in November, 2021, and mature in January, 2022. Prepaid insurance is for two years. What amount should be included in the current assets section of Jansons December 31, 2021, balance sheet?
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