Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit
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Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
Debit | Credit | |||
Accounts receivable | 671 | |||
Building and equipment | 924 | |||
Cash | 47 | |||
Interest receivable | 42 | |||
Inventory | 30 | |||
Land | 166 | |||
Notes receivable (long-term) | 456 | |||
Prepaid rent | 30 | |||
Supplies | 11 | |||
Trademark | 43 | |||
Accounts payable | 600 | |||
Accumulated depreciation | 76 | |||
Additional paid-in capital | 468 | |||
Dividends payable | 30 | |||
Common stock (at par) | 18 | |||
Income tax payable | 62 | |||
Notes payable (long-term) | 839 | |||
Retained earnings | 301 | |||
Deferred revenue | 26 | |||
TOTALS | 2,420 | 2,420 | ||
|
What would Symphony report as total current assets?
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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