Question
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade 681 Building and equipment 929
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
Debit Credit
Accounts receivable-trade 681
Building and equipment 929
Cash-checking 35
Interest receivable 44
Inventory 22
Land 158
Notes receivable (long-term) 469
Petty cash fund 7
Prepaid rent 36
Supplies 11
Trademark 46
Accounts payable-trade 655
Accumulated depreciation 73
Additional paid-in capital 476
Allowance for uncollectible accounts 16
Cash dividends payable 21
Common stock, at par 13
Income tax payable 63
Notes payable (long-term) 803
Retained earnings 295
Deferred revenues 23
TOTALS 2,438 2,438
What would Symphony report as total assets?
Multiple Choice $1,546 millions. $2,365 millions. $2,438 millions. $2,349 millions.
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