Reference no: EM133049596

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

Debit Credit

Accounts receivable-trade 684

Building and equipment 921

Cash-checking 35

Interest receivable 34

Inventory 22

Land 161

Notes receivable (long-term) 454

Petty cash fund 6

Prepaid rent 35

Supplies 10

Trademark 43

Accounts payable-trade 585

Accumulated depreciation 75

Additional paid-in capital 471

Allowance for uncollectible accounts 20

Cash dividends payable 28

Common stock, at par 12

Income tax payable 54

Notes payable (long-term) 831

Retained earnings 293

Deferred revenues 36

TOTALS 2,405 2,405

Required - What would Symphony report as total shareholders' equity?

a. $804 millions.

b. $776 millions.

c. $748 millions.

d. $1,607 millions.