Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.Accounts receivableBuilding and equipmentCashInterest receivable.InventoryLandNotes receivable (long-term)Prepaid rentSuppliesTrademarkAccounts payableAccumulated depreciationAdditional paid-in capitalDivideDividends payableCommon stock (at par)Income tax payableNotes payable (long-term)Retained earningsDeferred revenue.TOTALSMultiple Choice$792 millionO$819 million$1,635 millionDebit$846 million$ 6669385438382626170What would Symphony report as total shareholders' equity?474261259$ 2,463Credit$ 647774752716154881632929$ 2,463

Name: Listed below are year-end account balances ($ in millions) taken from
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.Accounts receivableBuilding and equipmentCashInterest receivable.InventoryLandNotes receivable (long-term)Prepaid rentSuppliesTrademarkAccounts paya

Shareholder Equity : It refers to the amount which belongs to the shareholders of the company.…

Business

Accounting

Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Accounts receivable Building and equipment Debit Credit $ 666 938 Cash 54 Interest receivable 38 Inventory 26 Land 170 Notes receivable (long-term) 474 Prepaid rent 26 Supplies 12 Trademark 59 Accounts payable $ 647 Accumulated depreciation 77 Additional paid-in capital 475 Dividends payable 27 Common stock (at par) 15 Income tax payable 48 Notes payable (long-term) 816 Retained earnings Deferred revenue TOTALS 329 29 $ 2,463 $ 2,463 What would Symphony report as total shareholders' equity? Multiple Choice $792 million S819 million О $1,635 million О $846 million

Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Accounts receivable Building and equipment Debit Credit $ 666 938 Cash 54 Interest receivable 38 Inventory 26 Land 170 Notes receivable (long-term) 474 Prepaid rent 26 Supplies 12 Trademark 59 Accounts payable $ 647 Accumulated depreciation 77 Additional paid-in capital 475 Dividends payable 27 Common stock (at par) 15 Income tax payable 48 Notes payable (long-term) 816 Retained earnings Deferred revenue TOTALS 329 29 $ 2,463 $ 2,463 What would Symphony report as total shareholders' equity? Multiple Choice $792 million S819 million О $1,635 million О $846 million

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $25,700 Accounts Receivable 47,400 Allowance for Uncollectible Accounts $4,800 Inventory 20,600 Land 52,000 Equipment 18,000 Accumulated Depreciation 2,100 Accounts Payable 29,100 Notes Payable (6%, due April 1, 2025) 56,000 Common Stock 41,000 Retained Earnings 30,700 Totals $163,700 $163,700 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $153,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $141,000. All of these sales are on account. The cost of the units sold is $76,800. January 23 Receive $126,000 from customers on accounts receivable. January 25…
The following information pertains to Dallas Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Assets Cash and short-term investments $41,706 Accounts receivable (net) 32,359 Inventory 33,536 Property, plant, and equipment 244,092 Total Assets $351,693 Liabilities and Stockholders' Equity Current liabilities $67,811 Long-term liabilities 92,969 Common stock, $20 par 125,380 Retained earnings 65,533 Total Liabilities and stockholders' equity $351,693 Income Statement Sales $85,174 Cost of goods sold 38,328 Gross margin $46,846 Operating expenses 28,378 Net income $18,468 Number of shares of common stock 6,269 Market price of common stock $20 Dividends per share $1.00 Cash provided by operations $40,000 What is the return on stockholders' equity? a.28.2% b.1.1% c.6.9% d.2.9%
What is Bank A's ROA based on Figure 1 Balance Sheet ($ in Millions): Assets Liability and Equity Cash $850 Deposits $6,475 Securities 1,925 Other borrowing 1,645 Loans 5,400 Equity 1,030 Other 975 Total $9,150 Total $9,150 Figure 2 Income Statement ($ in Millions): Interest income on loans $450 Interest income on securities 95 Interest expense 246 Noninterest income 78 Noninterest expense 112 Provision for loan loss 35 Taxes 115 Net Income $115 Based on Figures 1 and 2, what is Bank A's Equity Multiplier? A. 8.88 B. 4.75 C. 7.23 D. 8.11
The following balances remained in Bop’s books after the preparation of the income statement for the year ended 30th April 2016. The profit for the year was $8650. $ Machinery 100 000 Trade receivables 9 420 Motor vehicle 12 000 Cash 50 Equipment 31 000 Inventory (1.5.15) 11,000 Inventory (30.4.16) 12 650 Capital 120 000 Bank overdraft 13 270 Drawings 7 100 Trade payables 10 300 Bank Loan 20 000 Prepare a statement of financial position at 30th April 2016.
Subject- accounting
Consider the following financial data for Larry’s Computer Stores: Statement of Financial Position as of December 31, 2012 Cash & equivalents $ 94,500 Accounts payable $ 122,500 Receivables 202,500 Short-term bank note 162,500 Inventories 364,000 Accrued wages and taxes 110,500 Total current assets $ 661,000 Total short-term liab. $ 395,500 Long-term debt 418,000 Net fixed assets 468,500 Common equity 316,000 Total assets $ 1,129,500 Total liabilities & equity $ 1,129,500 Statement of Earnings for the Year Ended December 31, 2012 Sales revenue $ 450,000 Cost of merchandise sold 250,000 Gross profit $ 200,000 Operating expenses 97,500 Earnings before interest and taxes (EBIT) $ 102,500 Interest expense 46,500 Earnings before taxes (EBT) $ 56,000 Federal and state income taxes (45 percent) 25,200 Net earnings $ 30,800…
On January 1, 2024, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 274,000 Accounts receivable 74,000 Allowance for uncollectible accounts $ 37,400 Inventory 33,400 Building 243,400 Accumulated depreciation 44,000 Land 248,600 Accounts payable 190,000 Notes payable (8%, due in 3 years) 240,000 Common stock 119,600 Retained earnings 242,400 Totals $ 873,400 $ 873,400 The $33,400 beginning balance of inventory consists of 334 units, each costing $100. During January 2024, the company had the following transactions: January 2 Lent $54,000 to an employee by accepting a 6% note due in six months. January 5 Purchased 5,200 units of inventory on account for $572,000 ($110 each) with terms 110/110 , n30/�30 . January 8 Returned 100 defective units of inventory purchased on January 5. January 15 Sold 5,000 units of inventory on account for $820,000 ($164 each) with terms…
Ratio Analysis Presented below are summary financial data from Pompeo's annual report: Amounts in millions Balance sheet Cash and cash equivalents $6,328 Marketable securities 63,298 Accounts receivable (net) 32,785 Total current assets 136,808 Total assets 430,773 Current liabilities 113,172 Long-term debt 21,837 Shareholders' equity 204,834 Income Statement Interest expense 1,257 Net income before taxes 42,021 Calculate the following ratios: (round to two decimal places) a. Times-interest-earned ratio b. Quick ratio
Use the following information to answer the questions: Assets Liabilities and Equity Cash 13,000 Accounts payable 18,000 Marketable securities 2,000 Notes payable 6,000 Accounts receivable 3,000 Current liabilities 24,000 Inventory 27,000 Long-term debt 95,000 Current assets 45,000 Total liabilities 119,000 Machines 34,000 Paid-in capital 20,000 Real estate 80,000 Retained earnings 20,000 Fixed assets 114,000 Equity 40,000 Total assets 159,000 Total liab. & equity 159,000 What is the quick ratio (aka the acid test)?
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Line Item Description Current Year Previous Year Current assets: Cash $445,700 $352,000 Marketable securities 516,100 396,000 Accounts and notes receivable (net) 211,200 132,000 Inventories 370,300 241,600 Prepaid expenses 190,700 154,400 Total current assets $1,734,000 $1,276,000 Current liabilities: Accounts and notes payable (short-term) $295,800 $308,000 Accrued liabilities 214,200 132,000 Total current liabilities $510,000 $440,000 a. Determine for each year the quick ratio. Round ratios to one decimal place.
Privett Company Accounts payable $26,195 Accounts receivable 62,336 Accrued liabilities 6,328 Cash 23,939 Intangible assets 37,985 Inventory 74,958 Long-term investments 107,215 Long-term liabilities 74,188 Marketable securities 32,601 Notes payable (short-term) 26,240 Property, plant, and equipment 660,621 Prepaid expenses 1,525 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? Oa. 2 Оb. 17 Ос. 1 Od. 3.3
Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165 $4,528 Short-term investments, at cost 2,958 8,408 Accounts and notes receivable, net 9,404 8,624 Inventories 1,771 787 Prepaid expenses and other current assets 590 291 Short-term obligations (liabilities) 315 3,342 Accounts payable and other current liabilities 7,453 6,813 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4