Solution-What would symphony report as total assets

What would symphony report as total assets

Reference no: EM131767486

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.

Reference no: EM131767486

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What would symphony report as total assets

Reference no: EM131767486

Reference no: EM131767486

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