Listed below are year-end account balances (in $ millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable - trade 565 Building and equipment 860 Cash - checking 20 Interest receivable 20 Inventory 23 Land 300
Listed below are year-end account balances (in $ millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable - trade 565 Building and equipment 860 Cash - checking 20 Interest receivable 20 Inventory 23 Land 300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Listed below are year-end account balances (in $ millions) taken from the records of Symphony Stores.
Debit
Credit
Accounts receivable - trade
565
Building and equipment
860
Cash - checking
20
Interest receivable
20
Inventory
23
Land
300
Notes receivable (long-term)
450
Petty cash fund
3
Prepaid rent
15
Supplies
13
Trademark
30
Accounts payable trade
620
Accumulated depreciation
40
Additional paid-in capital
445
Allowance for uncollectible accounts
30
Cash dividends payable
25
Common stock, at par
10
Income tax payable
40
Notes payable (long-term)
690
Retained earnings
260
Deferred revenues
55
Calculate the amount of intangible assets.
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