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Question & Answer: Listed below are year-end account balances (In $millions) taken from the records of Symphony Stores. What would Symphony report…..

Listed below are year-end account balances (In $millions) taken from the records of Symphony Stores. DebitCredit Accounts recelvable-trade Building and equipment Cash-checking Interest recelvable Inventoryy Land Notes recelvable (long-term) Petty cash fund Prepald rent Supplies Trademark Accounts payable-trade Accumulated depreclation Additional paid-in capital Allowance for uncollectible accounts Cash dividends payable Common stock, at par Income tax payable Notes payable (long-term) Retained earnings Deferred revenues TOTALS 685 940 35 37 24 151 487 5 13 50 657 62 480 18 30 13 64 828 284 24 2,4602,460 What would Symphony report as total assets? 1552 millions. O $2,398 millions O $2,460 millions. O $2,380 millions.

Listed below are year-end account balances (In $millions) taken from the records of Symphony Stores. What would Symphony report as total assets? $1, 552 millions. $2, 398 millions. $2, 460 millions. $2, 380 millions.

Expert Answer

 

Total assets are reported in the statement as debits

Total assets=Sum of all debits

Total assets=$2,460 millions.

So the option is C.

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