1.

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

	Debit		Credit
Accounts receivable-trade	699
Building and equipment	939
Cash-checking	48
Interest receivable	36
Inventory	20
Land	154
Notes receivable (long-term)	485
Petty cash fund	8
Prepaid rent	36
Supplies	11
Trademark	46
Accounts payable-trade			636
Accumulated depreciation			65
Additional paid-in capital			483
Allowance for uncollectible accounts			17
Cash dividends payable			23
Common stock, at par			14
Income tax payable			64
Notes payable (long-term)			836
Retained earnings			309
Deferred revenues			35
TOTALS	2,482		2,482

What would Symphony report as total shareholders' equity?

Multiple Choice

$1,642 millions.

$829 millions.

$783 millions.

$806 millions.

2.	Debit		Credit
Accounts receivable-trade	707
Building and equipment	935
Cash-checking	51
Interest receivable	46
Inventory	25
Land	156
Notes receivable (long-term)	483
Petty cash funds	8
Prepaid rent	35
Supplies	9
Trademark	46
Accounts payable-trade			609
Accumulated depreciation			67
Additional paid-in capital			466
Allowance for uncollectible accounts			16
Cash dividends payable			21
Common stock, at par			15
Income tax payable			49
Notes payable (long-term)			890
Retained earnings			329
Deferred revenues			39
TOTALS	2,501		2,501

What is the amount of working capital for Symphony?

Multiple Choice

$162 millions.

$147 millions.

$132 millions.

$101 millions.