Question
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable 710 Building and equipment 920
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable 710 Building and equipment 920 Cash 39 Interest receivable 30 Inventory 16 Land 150 Notes receivable (long-term) 450 Prepaid rent 20 Supplies 8 Trademark 40 Accounts payable 560 Accumulated depreciation 80 Additional paid-in capital 485 Dividends payable 30 Common stock (at par) 15 Income tax payable 65 Notes payable (long-term) 800 Retained earnings 308 Deferred revenue 40 TOTALS 2,383 2,383 What would Symphony report as total current assets? Multiple Choice $823 millions. $838 millions. $863 millions. $1,696 millions.
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