Question
13. Listed below are year-end account balances (in $ millions) taken from the records of Symphony Stores. Debit Credit Accounts receivabletrade 730 Building and equipment
13. Listed below are year-end account balances (in $ millions) taken from the records of Symphony Stores.
| Debit | Credit |
Accounts receivabletrade | 730 |
|
Building and equipment | 920 |
|
Cashchecking | 34 |
|
Interest receivable | 30 |
|
Inventory | 16 |
|
Land | 150 |
|
Notes receivable (long-term) | 450 |
|
Petty cash fund | 5 |
|
Prepaid rent | 20 |
|
Supplies | 8 |
|
Trademark | 40 |
|
Accounts payabletrade |
| 560 |
Accumulated depreciation |
| 80 |
Additional paid-in capital |
| 485 |
Allowance for uncollectible accounts |
| 20 |
Cash dividends payable |
| 30 |
Common stock, at par |
| 15 |
Income tax payable |
| 65 |
Notes payable (long-term) |
| 800 |
Retained earnings |
| 308 |
Deferred revenues |
| 40 |
|
|
|
TOTALS | 2,403 | 2,403 |
What would Symphony report as total shareholders' equity?
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