Listed below are year-end account balances (in $ millions) taken from the records of Symphony Stores.
Debit
Credit
Accounts receivable–trade
730
Building and equipment
920
Cash–checking
34
Interest receivable
30
Inventory
16
Land
150
Notes receivable (long-term)
450
Petty cash fund
5
Prepaid rent
20
Supplies
8
Trademark
40
Accounts payable–trade
560
Accumulated depreciation
80
Additional paid-in capital
485
Allowance for uncollectible accounts
20
Cash dividends payable
30
Common stock, at par
15
Income tax payable
65
Notes payable (long-term)
800
Retained earnings
308
Deferred revenues
40
TOTALS
2,403
2,403
What would Symphony report as total current assets?
Question options:
$823
$838
$843
$1,696
Question 2 1 / 1 point
Listed below are year-end account balances (in $ millions) taken from the records of Symphony Stores.
Debit
Credit
Accounts receivable–trade
730
Building and equipment
920
Cash–checking
34
Interest receivable
30
Inventory
16
Land
150
Notes receivable (long-term)
450
Petty cash fund
5
Prepaid rent
20
Supplies
8
Trademark
40
Accounts payable–trade
560
Accumulated depreciation
80
Additional paid-in capital
485
Allowance for uncollectible accounts
20
Cash dividends payable
30
Common stock, at par
15
Income tax payable
65
Notes payable (long-term)
800
Retained earnings
308
Deferred revenues
40
TOTALS
2,403
2,403
What would Symphony report as total shareholders' equity?
Question options:
$323
$808
$838
$928
Question 4 1 / 1 point
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2016:
Accounts receivable
$12,000
Inventories
40,000
Patent
12,000
Investments
30,000
Prepaid insurance
6,000
Note receivable, due 2019
50,000
Investments consist of treasury bills that were purchased in November and mature in January. Prepaid insurance is for the next two years. What amount should be included in the current asset section of Janson's December 31, 2016, balance sheet?
$88,000.
$85,000.
$55,000.
$135,000.
Please Show your work!