What would symphony report as total current assets

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Reference no: EM131908202

Problem

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 current assets?

Reference no: EM131908202

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