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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 921
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 | 921 | |||
Cash-checking | 45 | |||
Interest receivable | 35 | |||
Inventory | 35 | |||
Land | 152 | |||
Notes receivable (long-term) | 463 | |||
Petty cash fund | 7 | |||
Prepaid rent | 22 | |||
Supplies | 12 | |||
Trademark | 49 | |||
Accounts payable-trade | 621 | |||
Accumulated depreciation | 76 | |||
Additional paid-in capital | 477 | |||
Allowance for uncollectible accounts | 19 | |||
Cash dividends payable | 24 | |||
Common stock, at par | 10 | |||
Income tax payable | 48 | |||
Notes payable (long-term) | 840 | |||
Retained earnings | 289 | |||
Deferred revenues | 33 | |||
TOTALS | 2,437 | 2,437 | ||
What would Symphony report as total shareholders' equity?
Multiple Choice
$752 millions.
$776 millions.
$800 millions.
$1,616 millions.
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