Question
Listed Below are account balances (in $ milions) taken from the records of symphony stores. All of these are permanent accounts, except the last two
Listed Below are account balances (in $ milions) taken from the records of symphony stores. All of these are permanent accounts, except the last two that have yet to be closed. The receivables are current. Symphony uses a perpetual inventory system.
Accounts Receivable-trade 695 (debit) Building & Equip. 923 (debit) Cash-Checking 42 (debit) Installment Receivable 56 (debit) Interest Receivable 38 (debit) Inventory 28 (debit) Land 169 (debit) Notes Receivable long term 504 (debit) Petty Cash Funds 6 (debit) Prepaid Expenses for coming year 34 (debit) Supplies 12 (debit) Trademark 41 (debit) Accounts Payable-trade 547 (credit) Accumulated Depreciation 67 (credit) Additional Paid-in capital, common 470 (credit) Allowance for uncollectible accounts 19 (credit) cash dividends payable 26 (credit) Common Stock, at par 14 (credit) Income Tax Payable 51 (credit) Notes Payable long term 580 (credit) Retained Earnings 37 (credit) Unearned Revenues 21 (credit) Cash dividends declared-common 133 (debit) Income summary 849 (credit) TOTALS 2681, 2681
What would Symphony report as total assets? $2,481 $2,462 $2,548 $2,595
Please give me an exmplantion not just an answer, please
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