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Listed below are account balances (in $ millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two
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 692 Building and equipment 928 Cash-checking 52 Installment receivables 69 Interest receivable 50 Inventory 21 Land 169 Notes receivable Long-term 621 Petty cash funds 8 Prepaid expenses (for coming year) 27 Supplies 12 Trademark 42 Accounts payable-trade 541 Accumulated depreciation 70 Additional paid-in capital, common 476 Allowance for uncollectible accounts 19 Cash dividends payable 21 Common stock, at par 12 Income tax payable 48 Notes payable (long-term) 596 Retained earnings 37 Unearned revenues 22 Cash dividends declared-common 134 Income summary 983 TOTALS 2,825 2,825 What is the amount of working capital for Symphony? $268. $295. $280. $230
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