Accounts Payable of Symphony Stores
Not what you're looking for?
Listed below are account balances (in $millions) 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 698
Building and equipment 921
Cash-checking 53
Installment receivables 53
Interest receivable 46
Inventory 34
Land 157
Notes receivable Long-term424
Petty cash funds 10
Prepaid expenses (for coming year) 31
Supplies 8
Trademark 41
Accounts payable-trade 540
Accumulated depreciation 64
Additional paid-in capital, common 479
Allowance for uncollectible accounts 17
Cash dividends payable 28
Common stock, at par 10
Income tax payable 48
Notes payable (long-term) 581
Retained earnings 39
Unearned revenues 26
Cash dividends declared-common123
Income summary 767
TOTALS 2,599 2,599
What would Symphony report as total current assets?
$916
$933
$923
$1,700
Purchase this Solution
Solution Summary
What would Symphony report as total current assets?
$916
$933
$923
$1,700
Purchase this Solution
Free BrainMass Quizzes
Operations Management
This quiz tests a student's knowledge about Operations Management
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce