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Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable $ 677 Building and equipment
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable $ 677 Building and equipment 930 Cash 42 Interest receivable 46 Inventory 34 Land 164 Notes receivable (long-term) 498 Prepaid rent 27 Supplies 12 Trademark 45 Accounts payable $ 630 Accumulated depreciation 60 Additional paid-in capital 474 Dividends payable 24 Common stock (at par) 18 Income tax payable 57 Notes payable (long-term) 861 Retained earnings 313 Deferred revenue 38 TOTALS $ 2,475 $ 2,475 What would Symphony report as total current assets? Multiple Choice $838 million $1,711 million $878 million $853 million
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