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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 683 Building and equipment 935 Cash-checking
Listed below are year-end account balances (in $millions) taken from the records of Symphony Stores. |
Debit | Credit | |
Accounts receivable-trade | 683 | |
Building and equipment | 935 | |
Cash-checking | 48 | |
Interest receivable | 40 | |
Inventory | 18 | |
Land | 166 | |
Notes receivable (long-term) | 465 | |
Petty cash fund | 7 | |
Prepaid rent | 26 | |
Supplies | 8 | |
Trademark | 41 | |
Accounts payable-trade | 673 | |
Accumulated depreciation | 60 | |
Additional paid-in capital | 470 | |
Allowance for uncollectible accounts | 17 | |
Cash dividends payable | 25 | |
Common stock, at par | 11 | |
Income tax payable | 58 | |
Notes payable (long-term) | 781 | |
Retained earnings | 309 | |
Deferred revenues | 33 | |
TOTALS | 2,437 | 2,437 |
What would Symphony report as total assets? |
$2,377 millions.
$1,579 millions.
$2,360 millions.
$2,437 millions.
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