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What would Symphony report as total current assets

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Reference no: EM132590858

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

Debit Credit

Accounts receivable 664

Building and equipment 939

Cash 50

Interest receivable 33

Inventory 22

Land 158

Notes receivable (long-term) 472

Prepaid rent 28

Supplies 10

Trademark 52

Accounts payable 568

Accumulated depreciation 69

Additional paid-in capital 469

Dividends payable 23

Common stock (at par) 18

Income tax payable 57

Notes payable (long-term) 881

Retained earnings 312

Deferred revenue 31

TOTALS 2,428 2,428

Required - What would Symphony report as total current assets?

a. $807 millions.

b. $847 millions.

c. $1,680 millions.

d. $822 millions.

Reference no: EM132590858

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