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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 684 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 | 684 | |||
Building and equipment | 926 | |||
Cash-checking | 50 | |||
Interest receivable | 39 | |||
Inventory | 24 | |||
Land | 167 | |||
Notes receivable (long-term) | 485 | |||
Petty cash fund | 5 | |||
Prepaid rent | 32 | |||
Supplies | 13 | |||
Trademark | 53 | |||
Accounts payable-trade | 608 | |||
Accumulated depreciation | 61 | |||
Additional paid-in capital | 476 | |||
Allowance for uncollectible accounts | 15 | |||
Cash dividends payable | 24 | |||
Common stock, at par | 10 | |||
Income tax payable | 62 | |||
Notes payable (long-term) | 889 | |||
Retained earnings | 303 | |||
Deferred revenues | 30 | |||
TOTALS | 2,478 | 2,478 | ||
What would Symphony report as total current assets?
Multiple Choice
$847 millions.
$832 millions.
$842 millions.
$1,655 millions.
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