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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 687 Building and equipment 926
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
Debit | Credit | |||
Accounts receivable-trade | 687 | |||
Building and equipment | 926 | |||
Cash-checking | 50 | |||
Interest receivable | 49 | |||
Inventory | 24 | |||
Land | 170 | |||
Notes receivable (long-term) | 478 | |||
Petty cash fund | 6 | |||
Prepaid rent | 32 | |||
Supplies | 9 | |||
Trademark | 56 | |||
Accounts payable-trade | 675 | |||
Accumulated depreciation | 68 | |||
Additional paid-in capital | 472 | |||
Allowance for uncollectible accounts | 20 | |||
Cash dividends payable | 26 | |||
Common stock, at par | 10 | |||
Income tax payable | 49 | |||
Notes payable (long-term) | 828 | |||
Retained earnings | 312 | |||
Deferred revenues | 27 | |||
TOTALS | 2,487 | 2,487 | ||
What would Symphony report as total shareholders' equity?
Multiple Choice
$820 millions.
$768 millions.
$1,622 millions.
$794 millions.
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