Question

Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade 696 Building and equipment 928 Cash-checking 47 Interest receivable 38 Inventory 21 Land 163 Notes receivable (long-term) 457 Petty cash fund 7 Prepaid rent 27 Supplies 9 Trademark 54 Accounts payable-trade 633 Accumulated depreciation 72 Bonds payable (short-term) 479 Allowance for doubtful accounts 17 Dividends payable 26 Common stock 12 Income tax payable 50 Notes payable (long-term) 811 Retained earnings 316 Unearned revenues 31 TOTALS 2447 2447 What would Symphony report as total current assets?

Answer 1

Total Assets: 2,358

Step-by-step explanation:

Assets definition. Things or rights that are resources owned by an organization which can yield future economic value.

Current Assets:

Cash-checking 47

Petty cash fund 7

Prepaid rent 27

Interest receivable 38

Accounts receivable-trade 696

Allowance for doubtful accounts (17)

Inventory 21

Supplies 9

Total:_ 828

Non-current

Building and equipment 928

Accumulated depreciation (72)

Notes receivable (long-term) 457

Trademark 54

Land 163

Total: 1,530

Total Assets: 2,358