Problem:
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-term
|
424
|
|
|
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-common
|
123
|
|
|
Income summary
|
|
767
|
|
TOTALS
|
2,599
|
2,599
|
What would Symphony report as total current assets?