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What would symphony report as total assets

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Reference no: EM131767486

Listed below are account balances (in millions of dollars) 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

680

 

 

Building and equipment

920

 

 

Cash-checking

34

 

 

Installment receivables

50

 

 

Interest receivable

30

 

 

Inventory

16

 

 

Land

150

 

 

Note receivable (long-term)

450

 

 

Petty cash funds

5

 

 

Prepaid expenses (for coming year)

20

 

 

Supplies

8

 

 

Trademark

40

 

 

Accounts payable-trade

 

 

560

Accumulated depreciation

 

 

80

Additional paid-in capital, common

 

 

485

Allowance for uncollectable accounts

 

 

20

Cash dividends payable

 

 

30

Common stock, at par

 

 

15

Income tax payable

 

 

65

Notes payable (long-term)

 

 

800

Retained earnings

 

 

48

Unearned revenues

 

 

40

Cash dividends declared-common

120

 

 

Income summary

 

 

380

 

 

 

 

TOTALS

2523

 

2523

What would Symphony report as total assets? Hint: Don t forget to deduct the contra assets.

Reference no: EM131767486

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