Question

Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores....

Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.

Debit Credit
Accounts receivable-trade 696
Building and equipment 935
Cash-checking 38
Interest receivable 37
Inventory 35
Land 153
Notes receivable (long-term) 486
Petty cash fund 6
Prepaid rent 33
Supplies 11
Trademark 58
Accounts payable-trade 691
Accumulated depreciation 67
Additional paid-in capital 481
Allowance for uncollectible accounts 17
Cash dividends payable 23
Common stock, at par 13
Income tax payable 49
Notes payable (long-term) 830
Retained earnings 292
Deferred revenues 25
TOTALS 2,488 2,488


What would Symphony report as total assets?

Multiple Choice

  • $1,574 millions.

  • $2,421 millions.

  • $2,488 millions.

  • $2,404 millions.

Business   Accounting   
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