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

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

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Answer 1

Answer #1

Step 1- Assets are resources controlled by organiization having future benefit.

Step 2- Assets have debit balance

Step 3- Current asset are assets which are expected to be realized within next six months or within the operating cycle.

Particulars		Amount($ miilions)

Accounts Receivable	$	712
Cash	$	48
Inventory	$	51
Prepaid rent	$	24
Supplies	$	10
Total current Asset	$	845

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Answer 2

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