Question
6.Listed below are year-end account balances (in $ millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last
6.Listed below are year-end 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. 2.
2.09. 1.82. 0.68. 1.33. |
Debit | Credit | |
Accounts receivable-trade | 684 | |
Building and equipment | 926 | |
Cash-checking | 40 | |
Installment receivables | 63 | |
Interest receivable | 39 | |
Inventory | 20 | |
Land | 163 | |
Notes receivable Long-term | 441 | |
Petty cash funds | 6 | |
Prepaid expenses (for coming year) | 38 | |
Supplies | 11 | |
Trademark | 50 | |
Accounts payable-trade | 554 | |
Accumulated depreciation | 69 | |
Additional paid-in capital, common | 483 | |
Allowance for uncollectible accounts | 15 | |
Cash dividends payable | 26 | |
Common stock, at par | 12 | |
Income tax payable | 47 | |
Notes payable (long-term) | 590 | |
Retained earnings | 32 | |
Deferred revenues | 34 | |
Cash dividends declared-common | 140 | |
Income summary |
| 759 |
TOTALS | 2,621 | 2,621 |
What is the amount of working capital for Symphony? |
$213 millions.
$186 millions.
$240 millions.
$225 millions.
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