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 680building and equipment 920cash-checking 34installment receivable 50interest receivable 30inventory 16land 150notes receivable long-term 450petty cash funds 5prepaid expenses (for coming year) 20supplies 8trademark 40accounts payable-trade 560accumulated depreciation 80additional paid-in capital, common 485alowance for uncollectivle accounts 20cash dividends payable 30common stock, at par 15income tax payable 65notes payable (long-term) 800retained earnings 48unearned revenues 40cash dividends declared-common 120income summary 380totals 2,523 2,523what would symphony report as total current assets? total assets, total liabilities, total equity (hint: don%u2019t forget the contra assets.)

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.

Wallace company provides the following data for next year: month budgeted sales january $120,000 february 108,000 march 140,000 april 147,000 the gross profit rate is 35% of sales. inventory at the end of december is $29,600 and target ending inventory levels are 10% of next month's sales, stated at cost. what is the amount of purchases budgeted for january?

(a) what do you think will happen if the price of non-gm crops continues to rise? why? (b) what will happen if the price of non-gm food drops? why?