Question

Listed below are year-end account balances (in $millions) taken from the records of Symphony Stores.

	Debit	Credit
Accounts receivable-trade	696
Building and equipment	924
Cash-checking	41
Interest receivable	33
Inventory	22
Land	166
Notes receivable (long-term)	496
Petty cash fund	6
Prepaid rent	33
Supplies	8
Trademark	50
Accounts payable-trade		601
Accumulated depreciation		60
Additional paid-in capital		475
Allowance for uncollectible accounts		15
Cash dividends payable		28
Common stock, at par		13
Income tax payable		62
Notes payable (long-term)		876
Retained earnings		317
Deferred revenues		28
TOTALS	2,475	2,475

What would Symphony report as total current assets?

Answer 1

• The correct answer is $ 839 (millions)

Cash-checking	$                    41.00
Accounts receivable-trade	$                  696.00
Interest receivable	$                    33.00
Inventory	$                    22.00
Petty cash fund	$                       6.00
Prepaid rent	$                    33.00
Supplies	$                       8.00
Total Current Assets to be reported	$                  839.00