Question

1.

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

	Debit		Credit
Accounts receivable-trade	687
Building and equipment	926
Cash-checking	42
Interest receivable	35
Inventory	19
Land	159
Notes receivable (long-term)	488
Petty cash fund	8
Prepaid rent	36
Supplies	11
Trademark	49
Accounts payable-trade			594
Accumulated depreciation			64
Additional paid-in capital			478
Allowance for uncollectible accounts			17
Cash dividends payable			27
Common stock, at par			15
Income tax payable			52
Notes payable (long-term)			857
Retained earnings			329
Deferred revenues			27
TOTALS	2,460		2,460

What would Symphony report as total current assets?

2.

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

	Debit		Credit
Accounts receivable-trade	697
Building and equipment	940
Cash-checking	51
Interest receivable	36
Inventory	18
Land	156
Notes receivable (long-term)	481
Petty cash fund	9
Prepaid rent	32
Supplies	10
Trademark	57
Accounts payable-trade			705
Accumulated depreciation			62
Additional paid-in capital			468
Allowance for uncollectible accounts			19
Cash dividends payable			24
Common stock, at par			10
Income tax payable			46
Notes payable (long-term)			815
Retained earnings			302
Deferred revenues			36
TOTALS	2,487		2,487

What would Symphony report as total assets?

3.

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

	Debit		Credit
Accounts receivable-trade	681
Building and equipment	922
Cash-checking	44
Interest receivable	31
Inventory	19
Land	167
Notes receivable (long-term)	473
Petty cash fund	6
Prepaid rent	24
Supplies	9
Trademark	50
Accounts payable-trade			614
Accumulated depreciation			64
Additional paid-in capital			479
Allowance for uncollectible accounts			19
Cash dividends payable			24
Common stock, at par			14
Income tax payable			51
Notes payable (long-term)			824
Retained earnings			299
Deferred revenues			38
TOTALS	2,426		2,426

What would Symphony report as total shareholders' equity?

4.

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

	Debit		Credit
Accounts receivable-trade	701
Building and equipment	923
Cash-checking	49
Interest receivable	36
Inventory	22
Land	167
Notes receivable (long-term)	455
Petty cash funds	7
Prepaid rent	24
Supplies	12
Trademark	46
Accounts payable-trade			535
Accumulated depreciation			76
Additional paid-in capital			482
Allowance for uncollectible accounts			16
Cash dividends payable			26
Common stock, at par			11
Income tax payable			60
Notes payable (long-term)			899
Retained earnings			307
Deferred revenues			30
TOTALS	2,442		2,442

What is the amount of working capital for Symphony?

Answer 1

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Symphony Stores
Answer 1
Current Assets	$ Millions	$ Millions
Accounts receivable-trade	687.00
Allowance for uncollectible accounts	(17.00)	670.00
Cash-checking		42.00
Interest receivable		35.00
Inventory		19.00
Petty cash fund		8.00
Prepaid rent		36.00
Supplies		11.00
Total Current Assets		821.00
Answer 2	$ Millions	$ Millions
Accounts receivable-trade	697.00
Allowance for uncollectible accounts	(19.00)	678.00
Building and equipment	940.00
Accumulated depreciation	(62.00)	878.00
Cash-checking		51.00
Interest receivable		36.00
Inventory		18.00
Land		156.00
Notes receivable (long-term)		481.00
Petty cash fund		9.00
Prepaid rent		32.00
Supplies		10.00
Trademark		57.00
Total Assets		2,406.00
Answer 3	$ Millions
Common stock, at par	14.00
Additional paid-in capital	479.00
Retained earnings	299.00
Total shareholders' equity	792.00
Answer 4
Current Assets	$ Millions	$ Millions
Accounts receivable-trade	701.00
Allowance for uncollectible accounts	(16.00)	685.00
Cash-checking		49.00
Interest receivable		36.00
Inventory		22.00
Petty cash fund		7.00
Prepaid rent		24.00
Supplies		12.00
Total Current Assets		835.00
Current Liabilities
Accounts payable-trade		535.00
Cash dividends payable		26.00
Income tax payable		60.00
Deferred revenues		30.00
Total Current Liabilities		651.00
Working Capital		184.00