Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. DebitCreditAccounts receivable$ 710 Building and equipment920 Cash39 Interest receivable30 Inventory16 Land150 Notes receivable (long-term)450 Prepaid rent20 Supplies8 Trademark40 Accounts payable $ 560Accumulated depreciation 80Additional paid-in capital 485Dividends payable 30Common stock (at par) 15Income tax payable 65Notes payable (long-term) 800Retained earnings 308Deferred revenue 40TOTALS$ 2,383$ 2,383What would Symphony report as total assets?

Notes: Total Assets = Fixed assets + Current assetsAnswer: Calculation of total assets: Particulars $(in millions) $(in millions) Accounts receivables 710 Building and equipment 920 Less: Accumulated depreciation (80) 840 Cash 39 Interest receivable 30 Inventory 16 Land 150 Notes receivables(long term) 450 Prepaid rent 20 Supplies 8 Trade mark 40 Total Assets: 2,303 Answer: Hence, Total Assets of Symphony is equal to $2,303 millions.

Answered: What would Symphony report as total…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.

	Debit	Credit
Accounts receivable	$ 710
Building and equipment	920
Cash	39
Interest receivable	30
Inventory	16
Land	150
Notes receivable (long-term)	450
Prepaid rent	20
Supplies	8
Trademark	40
Accounts payable		$ 560
Accumulated depreciation		80
Additional paid-in capital		485
Dividends payable		30
Common stock (at par)		15
Income tax payable		65
Notes payable (long-term)		800
Retained earnings		308
Deferred revenue		40
TOTALS	$ 2,383	$ 2,383

What would Symphony report as total assets?

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