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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 921 Cash-checking
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 | 921 | |
Cash-checking | 35 | |
Interest receivable | 34 | |
Inventory | 22 | |
Land | 161 | |
Notes receivable (long-term) | 454 | |
Petty cash fund | 6 | |
Prepaid rent | 35 | |
Supplies | 10 | |
Trademark | 43 | |
Accounts payable-trade | 585 | |
Accumulated depreciation | 75 | |
Additional paid-in capital | 471 | |
Allowance for uncollectible accounts | 20 | |
Cash dividends payable | 28 | |
Common stock, at par | 12 | |
Income tax payable | 54 | |
Notes payable (long-term) | 831 | |
Retained earnings | 293 | |
Deferred revenues | 36 | |
TOTALS | 2,405 | 2,405 |
What would Symphony report as total shareholders' equity? |
Multiple Choice
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$804 millions.
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$776 millions.
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$748 millions.
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$1,607 millions.
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