(TCO 4) Listed below are account balances
Question
(TCO 4) Listed below are account balances (in millions of dollars) 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 | 680 | ||
| Building and equipment | 920 | ||
| Cash-checking | 34 | ||
| Installment receivables | 50 | ||
| Interest receivable | 30 | ||
| Inventory | 16 | ||
| Land | 150 | ||
| Note receivable (long-term) | 450 | ||
| Petty cash funds | 5 | ||
| Prepaid expenses (for coming year) | 20 | ||
| Supplies | 8 | ||
| Trademark | 40 | ||
| Accounts payable-trade | 560 | ||
| Accumulated depreciation | 80 | ||
| Additional paid-in capital, common | 485 | ||
| Allowance for uncollectable accounts | 20 | ||
| Cash dividends payable | 30 | ||
| Common stock, at par | 15 | ||
| Income tax payable | 65 | ||
| Notes payable (long-term) | 800 | ||
| Retained earnings | 48 | ||
| Unearned revenues | 40 | ||
| Cash dividends declared-common | 120 | ||
| Income summary | 380 | ||
| TOTALS | 2523 | 2523 |
What would Symphony report as total assets? Hint: Don t forget to deduct the contra assets.
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