Question

What would Symphony report as total assets?

Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Credit Debit 666 939 59 34 32 152 488 Accounts receivable Building and equipment Cash Interest receivable Inventory Land Notes receivable (long-term) Prepaid rent Supplies Trademark Accounts payable Accumulated depreciation Additional paid-in capital Dividends payable Common stock (at par) Income tax payable Notes payable (long-term) Retained earnings Deferred revenue 708 63 480 13 54 811 287 27 TOTALS 2,466 2,466 What would Symphony report as total assets? Multiple Choice $1,577 millions. $2,408 millions. o $2,471 millions. o o $2,403 millions.

Answer 1

Answer: $2,403 millions

Explanation

Calculation of Total Assets
	$ (in millions)	$ (in millions)
Accounts receivable		666.00
Building and equipment	939.00
Less: Accumulated depreciation	(63.00)	876.00
Cash		59.00
Interest receivable		34.00
Inventory		32.00
Land		152.00
Notes Receivable (Long term)		488.00
Prepaid Rent		25.00
Supplies		12.00
Trademark		59.00
Total Assets		2,403.00