44) Listed below are year-end account balances (S in millions) taken from the re

Question

44) Listed below are year-end account balances (S in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable-trade Building and equipment Cash-checking Interest receivable Inventory Land 730 920 34 30 16 150 450 Notes receivable (long-term) Petty cash fund Prepaid rent Supplies Trademark Accounts payable-trade Accumulated depreciation 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 20 40 560 80 485 20 30 15 65 800 308 40 2,403 2,403 What would Symphony report as total assets? A) $2,338 millions. B) S2,323 millions. -C) $2,318 millions. D) $2,303 millions.

Explanation / Answer

its alternative B with answer $2323 is correct.

Its derived by deducting accumulated depreciation from Total of all debit amount.

Thank You

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