Question
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade 697 Building and equipment 937
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
| Debit |
| Credit | |
Accounts receivable-trade | 697 |
|
|
|
Building and equipment | 937 |
|
|
|
Cash-checking | 44 |
|
|
|
Interest receivable | 44 |
|
|
|
Inventory | 18 |
|
|
|
Land | 168 |
|
|
|
Notes receivable (long-term) | 472 |
|
|
|
Petty cash fund | 7 |
|
|
|
Prepaid rent | 36 |
|
|
|
Supplies | 10 |
|
|
|
Trademark | 57 |
|
|
|
Accounts payable-trade |
|
| 688 |
|
Accumulated depreciation |
|
| 73 |
|
Additional paid-in capital |
|
| 480 |
|
Allowance for uncollectible accounts |
|
| 18 |
|
Cash dividends payable |
|
| 22 |
|
Common stock, at par |
|
| 10 |
|
Income tax payable |
|
| 47 |
|
Notes payable (long-term) |
|
| 803 |
|
Retained earnings |
|
| 313 |
|
Deferred revenues |
|
| 36 |
|
TOTALS | 2,490 |
| 2,490 |
|
What would Symphony report as total assets?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started