Question
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade 692 Building and equipment 938
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
| Debit |
| Credit | |
Accounts receivable-trade | 692 |
|
|
|
Building and equipment | 938 |
|
|
|
Cash-checking | 54 |
|
|
|
Interest receivable | 47 |
|
|
|
Inventory | 34 |
|
|
|
Land | 162 |
|
|
|
Notes receivable (long-term) | 488 |
|
|
|
Petty cash fund | 9 |
|
|
|
Prepaid rent | 21 |
|
|
|
Supplies | 12 |
|
|
|
Trademark | 56 |
|
|
|
Accounts payable-trade |
|
| 715 |
|
Accumulated depreciation |
|
| 76 |
|
Additional paid-in capital |
|
| 476 |
|
Allowance for uncollectible accounts |
|
| 15 |
|
Cash dividends payable |
|
| 28 |
|
Common stock, at par |
|
| 13 |
|
Income tax payable |
|
| 45 |
|
Notes payable (long-term) |
|
| 805 |
|
Retained earnings |
|
| 315 |
|
Deferred revenues |
|
| 25 |
|
TOTALS | 2,513 |
| 2,513 |
|
What would Symphony report as total shareholders' equity?
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