University Of Cincinnati Operations And Supply Chain Management Assignment Help - Intermediate accounting

Question - Listed below are account balances (in $millions) 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 receivable 50
Interest receivable 30
Inventory 16
Land 150
Notes 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
Alowance for uncollectivle accounts 20
Cash dividends payable 30
Common stock, at par 15
Income tax pa ...Read More yable 65
Notes payable (long-term) 800
Retained earnings 48
Unearned revenues 40
Cash dividends declared-common 120
Income summary 380
TOTALS 2,523 2,523
What would Symphony report as total current assets? Hint: Don%u2019t forget the contra assets. ...Read Less

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