What would browning report as total current assets

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Reference no: EM131256724

Listed below are year-end account balances (in $ millions) taken from the records of Browning Hardware, Inc..

Debit Credit

Accounts Receivable-trade $ 830

Building and Equipment 940

Cash-checking 64

Interest receivable 40

Inventory 46

Land 160

Notes Receivable (long-term) 550

Petty Cash Fund 8

Prepaid Rent 30

Supplies 29

Trademark 50

Accounts payable-trade 520

Accumulated depreciation 90

Additional paid-in capital 405

Allowance for uncollectible accounts 30

Cash dividends payable 40

Common Stock, at par 60

Income tax payable 95

Notes payable (long-term) 850

Retained earnings 568

Deferred revenues 89

------ -------

Totals $ 2,747 $2,747

Required:

What would Browning report as total current assets? (Hint: do not forget about the contra-asset accounts).

Reference no: EM131256724

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