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Listed below are account balances (in $ millions) 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 692 Building and equipment 928 Cash-checking 52 Installment receivables 69 Interest receivable 50 Inventory 21 Land 169 Notes receivable Long-term 621 Petty cash funds 8 Prepaid expenses (for coming year) 27 Supplies 12 Trademark 42 Accounts payable-trade 541 Accumulated depreciation 70 Additional paid-in capital, common 476 Allowance for uncollectible accounts 19 Cash dividends payable 21 Common stock, at par 12 Income tax payable 48 Notes payable (long-term) 596 Retained earnings 37 Unearned revenues 22 Cash dividends declared-common 134 Income summary 983 TOTALS 2,825 2,825 What is the amount of working capital for Symphony? $268. $295. $280. $230.
The Pearce Club, Inc., is considering investing in an exercise machine that costs $5,000 and would increase revenues by $1,500 a year for five years. The machine would be depreciated using the straight-line method over its useful life and have no ..
Save the Squirrels, Inc., a 501(c) (3) organization that feeds the squirrels in municipal parks, receives a $250000 contribution from Animal Feed, Inc., a corporation that sells animal feed.
Discuss three forms of financial market efficiency. Why is it important that financial markets be efficient?
Vincent's gifts for the year before considering the annual gift tax exclusion total
At December 31,2010 the fair value of the Carlin, Inc. bonds was $318,000. What should Richman Co. report as other comprehensive income and as a separate component of stockholders' equity?
If management estimates that a stock repurchase announcement will increase stock price by 5 percent, how many shares should they be prepared to repurchase?
Samantha owned 1,000 shares in Evita, Inc., an S corporation that uses the calendar year. On October 11, 2010 Samantha sells all of her Evita stock. Her basis at the beginning of 2010 was $60,000. Her share of the corporate income for 2010 was $22..
Identify the social structure and income levels of the social classes in the United States. In your own words describe why a compensation specialist needs to understand this structure.
In taking out a Trial balance, a book keeper finds that he is out Rs.1600 excess debit. Being desirous of closing his books, he places the difference to a newly opened suspense account. In the next period, he discovers the following discrepancies.
Blakeslee Machinery announced this morning that their next annual dividend will be increased to $2.10 a share and that future dividends will be lowered by 2 percent per year. The stock price after the announcement settled at $16 a share. What is t..
For a leased asset under a lease that qualifies as a capital lease, the depreciation period used by the lessee must be:
Swanson's fiscal year ends on December 31. Prepare the following journal entries: a. April 1, 2009, to record the issuance of the bonds.
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