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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

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 680

Building and equipment 920

Cash-checking 34

Installment receivable 50

Interest receivable 30

Inventory 16

Land 150

Notes receivable Long-term 450

Petty cash funds 5

Prepaid expenses (for coming year) 20

Supplies 8

Trademark 40

Accounts payable-trade 560

Accumulated depreciation 80

Additional paid-in capital, common 485

Alowance for uncollectivle accounts 20

Cash dividends payable 30

Common stock, at par 15

Income tax payable 65

Notes payable (long-term) 800

Retained earnings 48

Unearned revenues 40

Cash dividends declared-common 120

Income summary 380

TOTALS 2,523 2,523

What would Symphony report as total current assets? Hint: Don%u2019t forget the contra assets.

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