Listed below are account balances (in $millions) taken from therecords of Symphony Stores. All of these are permanent accounts,except the last two that have yet to be closed. The installmentreceivables are current. Symphony uses a perpetual inventorysystem.
| 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 forgetto deduct the contra assets.
What would Symphony report as total shareholders' equity? Hint:You will need to deduct dividends.
