Question

Listed below are year-end account balances (in $ millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable–trade 730 Building and equipment 920 Cash–checking 34 Interest receivable 30 Inventory 16 Land 150 Notes receivable (long-term) 450 Petty cash fund 5 Prepaid rent 20 Supplies 8 Trademark 40 Accounts payable–trade 560 Accumulated depreciation 80 Additional paid-in capital 485 Allowance for uncollectible accounts 20 Cash dividends payable 30 Common stock, at par 15 Income tax payable 65 Notes payable (long-term) 800 Retained earnings 308 Deferred revenues 40 TOTALS 2,403 2,403 What would Symphony report as total current assets?
A. $843.
B. $823.
C. $1,696.
D. $838.

Answer 1

D) 838 dollars is the answer