Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade 730 Building and equipment 920

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade 730 Building and equipment 920 Cash-checking 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 payable-trade 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 shareholders' equity? 5323 million Common stock, at par Income tax payable Notes payable (long-term) Retained earnings Deferred revenues TOTALS 2,4 What would Symphony report as total shareholders' equity? $323 million $808 million $838 million 0 $928 millions On August 1, 2018. Rocket Reties adopted a plan to contineti catalogales division, which qualifies as a separate component of the bus cording to GAP regarding continued gerations. The disposal of the division was expected to be concluded by June 2012 on December 31, 2018 Rayeat end the following information to the discontinued division was accumulated Operating loss an. 1. 2011-Dec 31, 2018 Estimated con losses and thin 302019 mparment of avons at Dec 31, 2010 5 115.000 RD.000 10.000 income sitement for the yewended December 1, 2019. Mocket would report before rossono continued operations of SS.COM 301950 C 0001 125.000 * Question Completion Status: QUESTION 14 Debit Credit 730 920 Accounts receivable-trade Building and equipment Cash-checking Interest receivable Inventory 34 30 16 Land 150 450 5 20 8 40 560 Notes receivable (long-term) Petty cash fund Prepaid rent Supplies Trademark Accounts payable-trade Accumulated depreciation Additional paid-in capital Allowance for uncollectible accounts Cash dividends payable Common stock, at par Income tax payable Notes payable (long-term) Retained earnings Deferred revenues 80 485 20 30 15 65 800 308 40 TOTALS 2.403 2.403 What would Symphony report as total current assets? 922 million What would Symphony report as total current assets? $823 million. $838 million. $843 million. O $1,696 million. QUESTION 18 Copy of Copy of The following partial balance sheet (5 in thousands) for Paisano Seafood Inc. is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 60 Accounts payable $ 240 Accounts receivable (net) 170 Other liabilities 80 Notes receivable 50 Total current liabilities 320 Inventories 200 Long-term liabilities 110 Prepaid expenses 25 Total liabilities 430 Total current assets 505 Shareholders' equity: Plant assets (net) 255 Capital stock 150 Retained earnings 180 Total shareholders' equity 330 Total assets $ 760 Total liabilities and equity $ 760 Quick (Acid) assets total: TATO 11 560 thousand, 5220 thousand Click Save and submit to see and submit Chek Save All Antonella Co search Quick (Acid) assets total: $60 thousand. O $230 thousand. $280 thousand. $305 thousand

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2021

Authors: Bernard J. Bieg, Judith A. Toland

31st Edition

0357358287, 9780357358283

More Books

Students also viewed these Accounting questions

Question

Explain how to change negative self-talk into positive self-talk.

Answered: 1 week ago

Question

I wasnt sure how to talk about this situation. It was too personal.

Answered: 1 week ago