Answer:
TOTAL ASSETS $2,303,000
Explanation:
Some
Symphony Balance Sheet
$39,000 Cash
$710,000 Accounts Receivable
$20,000 Prepaid Rent
$30,000 Interest Receivable
$8,000 Supplies
$16,000 Inventory
$823,000 TOTAL CURRENT ASSETS
$920,000 Building and Equipment
-$80,000 Accum Depreciation
$40,000 Trademark
$450,000 Notes Receivable
$150,000 Land
$1480,000 TOTAL NONCURRENT ASSETS
$2303,000 TOTAL ASSETS
$560,000 Accounts Payable
$30,000 Cash Dividend Payable
$40,000 Deferred Revenue
$65,000 Income Tax Payable
$695,000 TOTAL CURRENT LIABILITIES
$800,000 Notes Payable
$800,000 TOTAL NONCURRENT LIABILITIES
$1495,000 TOTAL LIABILITIES
$485,000 Additional Paid in Capital
$15,000 Common Stock
$308,000 Retained Earnings
$808,000 TOTAL EQUITY
$2303,000 TOTAL EQUITY + LIABILITIES
Some reclassification are needed to do before report the total Assets
Allowance for uncollectible accounts are deduct of the total amount of accounts receivables
Petty Cash Fund is the same as Cash with the difference that this funds have an specific use as minor expenditures.
Account of Current Assets , the criteria is to have a liquidity speed less of one year
Cash and Petty Cash Fund
Accounts Receivable less Allowance for uncollectible accounts
Prepaid Rent
Interest Receivable
Supplies
Inventory
Account of Non Current Assets , the criteria is to have a liquidity speed more than one year and are known as fixed assets
Building and Equipment
Accum Depreciation
Trademark
Notes Receivable
Land
Account of Current Liabilities , the criteria is to have a liquidity speed less of one year
Accounts Payable
Cash Dividend Payable
Deferred Revenue
Income Tax Payable
Account of Non Current Liabilities, the criteria is to have a liquidity speed more than one year and are known as long term financing
Notes Payable
Account of Total Equity
Additional Paid in Capital
Common Stock
Retained Earnings
