Listed below are year-end account balances ($ in millions) taken from the record

Question

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

What would Symphony report as total shareholders' equity?

Multiple Choice

$820 millions.

$768 millions.

$1,622 millions.

$794 millions.

Debit Credit Accounts receivable-trade 687 Building and equipment 926 Cash-checking 50 Interest receivable 49 Inventory 24 Land 170 Notes receivable (long-term) 478 Petty cash fund 6 Prepaid rent 32 Supplies 9 Trademark 56 Accounts payable-trade 675 Accumulated depreciation 68 Additional paid-in capital 472 Allowance for uncollectible accounts 20 Cash dividends payable 26 Common stock, at par 10 Income tax payable 49 Notes payable (long-term) 828 Retained earnings 312 Deferred revenues 27 TOTALS 2,487 2,487

Explanation / Answer

Shareholder's equity :

so answer is d) $794 millions

Common stock at par 10 Additional paid in capital 472 Retained earnings 312 Total stockholder's equity 794

Related Questions

Navigate

• Browse (All)
• Browse L
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.