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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!

User Kaffee
by
7.4k points

1 Answer

6 votes

Answer:

$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

User Slopapa
by
8.3k points