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Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade 696 Building and equipment 935
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
Debit | Credit | |||
Accounts receivable-trade | 696 | |||
Building and equipment | 935 | |||
Cash-checking | 38 | |||
Interest receivable | 37 | |||
Inventory | 35 | |||
Land | 153 | |||
Notes receivable (long-term) | 486 | |||
Petty cash fund | 6 | |||
Prepaid rent | 33 | |||
Supplies | 11 | |||
Trademark | 58 | |||
Accounts payable-trade | 691 | |||
Accumulated depreciation | 67 | |||
Additional paid-in capital | 481 | |||
Allowance for uncollectible accounts | 17 | |||
Cash dividends payable | 23 | |||
Common stock, at par | 13 | |||
Income tax payable | 49 | |||
Notes payable (long-term) | 830 | |||
Retained earnings | 292 | |||
Deferred revenues | 25 | |||
TOTALS | 2,488 | 2,488 | ||
What would Symphony report as total assets?
Multiple Choice
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$1,574 millions.
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$2,421 millions.
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$2,488 millions.
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$2,404 millions.
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