Question

1 . Listed below are year-end account balances ($ in millions) taken from the records of...

1 .

Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.

Debit Credit
Accounts receivable 679
Building and equipment 921
Cash 58
Interest receivable 40
Inventory 33
Land 163
Notes receivable (long-term) 460
Prepaid rent 20
Supplies 9
Trademark 58
Accounts payable 666
Accumulated depreciation 60
Additional paid-in capital 475
Dividends payable 27
Common stock (at par) 12
Income tax payable 63
Notes payable (long-term) 834
Retained earnings 281
Deferred revenue 23
TOTALS 2,441 2,441

What would Symphony report as total assets?

2.

Debit Credit
Accounts receivable 669
Building and equipment 936
Cash 53
Interest receivable 41
Inventory 19
Land 150
Notes receivable (long-term) 467
Prepaid rent 38
Supplies 10
Trademark 47
Accounts payable 662
Accumulated depreciation 73
Additional paid-in capital 476
Dividends payable 22
Common stock (at par) 13
Income tax payable 55
Notes payable (long-term) 814
Retained earnings 293
Deferred revenue 22
TOTALS 2,430 2,430

What would Symphony report as total shareholders' equity?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores....
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable–trade 840 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)...
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores....
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 935 Cash-checking 38 Interest receivable 37 Inventory 35 Land 153 Notes receivable (long-term) 486 Petty cash fund 6 Prepaid rent 33 Supplies 11 Trademark 58 Accounts payable-trade 691 Accumulated depreciation 67 Additional paid-in capital 481 Allowance for uncollectible accounts 17 Cash dividends payable 23 Common stock, at par 13 Income tax payable 49 Notes payable (long-term)...
Leskwat Stores has provided you the following list of accounts: Debit Credit Accounts receivable 672 Building...
Leskwat Stores has provided you the following list of accounts: Debit Credit Accounts receivable 672 Building and equipment 936 Cash 49 Interest receivable 46 Inventory 20 Land 162 Notes receivable (due in 2 years) 477 Prepaid rent 33 Supplies 10 Trademark 52 Accounts payable 709 Accumulated depreciation 62 Interest payable 470 Dividends payable 20 Common stock 17 Income tax payable 54 Notes payable (due in 6 months) 804 Retained earnings 292 Deferred revenue 29 TOTALS 2,457 2,457 Assume that interest...
  The following data was taken from the financial records of Rock Corporation for the year 2019...
  The following data was taken from the financial records of Rock Corporation for the year 2019 at December 31. ​ Accounts Payable 160,000 Accounts Receivable 200,000 Building 400,000 Accumulated Depreciation-Building 320,000 Cash 175,000 Common Stock ($3 Par Value) 600,000 Common Stock Additional Paid-In Capital 100,000 Current Portion of Long-Term Debt 20,000 Equipment 60,000 Accumulated Depreciation-Equipment 40,000 Marketable Securities 125,000 Merchandise Inventory    90,000 Mortgage Payable 50,000 Notes Payable 25,000 Notes Payable (due in 2022) 75,000 Notes Receivable 15,000 Notes Receivable  (due...
Prepare the 4 required year-end closing entries, given the following adjusted trial balance. Use Journal Entry...
Prepare the 4 required year-end closing entries, given the following adjusted trial balance. Use Journal Entry format. DEBIT CREDIT Cash $112,000 Accounts Receivable $27,000 Prepaid Rent $15,000 Prepaid Insurance $9,000 Office Supplies $3,300 Equipment $38,000 Accumulated Depreciation - Equipment $3,200 Building $288,000 Accumulated Depreciation - Building $42,000 Land $700,000 Accounts Payable $25,800 Salaries Payable $14,500 Interest Payable $2,500 Notes Payable $72,000 Common Stock $200,000 Retained Earnings $710,000 Dividends $200,500 Service fees earned $430,800 Salaries Expense $90,000 Insurance Expense $5,200 Rent...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 83,000 Short-term investments 198,000 Accounts receivable 139,000 Long-term investments 43,000 Inventories 223,000 Loans to employees 48,000 Prepaid expenses (for 2019) 24,000 Land 288,000 Building 1,630,000 Machinery and equipment 645,000 Patent 160,000 Franchise 48,000 Note receivable 290,000 Interest receivable 20,000 Accumulated depreciation—building 628,000 Accumulated depreciation—equipment 218,000 Accounts payable 197,000 Dividends payable (payable on 1/16/19) 18,000 Interest payable 24,000 Taxes...
Presented below are selected accounts for Arigato LLC for August 31 of the current year. Debit...
Presented below are selected accounts for Arigato LLC for August 31 of the current year. Debit Credit Cash in Bank—operating 69 Cash Dividends Declared 266 Installment Receivables 80 Interest Receivable 55 Inventory Supplies 39 Land 320 Merchandise Inventory 45 Notes Receivable—long term 545 Operating Expenses 2,228 Other Assets 80 Petty Cash 28 Prepaid Expenses—current 52 Accounts Payable—trade 645 Accumulated Depreciation 245 Additional Paid-in Capital 623 Allowance for Uncollectible Accounts 75 Bonds Payable 80 Common Stock—$1 par value 56 Income Tax...
Which Accounts get closed at the end of the year? Cash Petty Cash Accounts Receivable Allowance...
Which Accounts get closed at the end of the year? Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Inventory Supplies Inventory Prepaid Insurance Prepaid Rent Debt Investments Equity Investments Land Buildings Accum. Depr. - Buildings Equipment Accum. Depr. - Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Dividends Payable Long-term Notes Payable Common Stock Retained Earnings Dividends Income Summary Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising...
The following selected accounts and account balances were taken from the records of Potts Industries. Unfortunately...
The following selected accounts and account balances were taken from the records of Potts Industries. Unfortunately they are all out of order. Except as otherwise indicated, all balances are as of December 31, 2017, before the closing entries were recorded: Cash $22,100 Accounts Receivable $21,000 Land 43,000 Cash flow from operating activities 8,600 Insurance Expense 2,500 Beginning Retained Earnings 47,200 Dividends 5,000 Begining common stock 5,500 Prepaid Insurance 3,500 Service Revenue 86,000 Accounts Payable 15,000 Cash flow from financing activities...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances:   ...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances:      Accounts Debit Credit   Cash $ 27,000   Accounts Receivable 50,000   Allowance for Uncollectible Accounts $ 6,100   Inventory 21,900   Land 65,000   Equipment 24,500   Accumulated Depreciation 3,400   Accounts Payable 30,400   Notes Payable (6%, due April 1, 2019) 69,000   Common Stock 54,000   Retained Earnings 25,500        Totals $ 188,400 $ 188,400 At the end of January, $30,000 of accounts receivable are past due, and the company estimates that 30%...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT