Listed below are account balances (in $ millions) taken from the records of Symp

Question

Listed below are account balances (in $ millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system. Debit Credit Accounts receivable-trade 691 Building and equipment 936 Cash-checking 52 Installment receivables 54 Interest receivable 42 Inventory 22 Land 162 Notes receivable Long-term 378 Petty cash funds 8 Prepaid expenses (for coming year) 39 Supplies 11 Trademark 58 Accounts payable-trade 547 Accumulated depreciation 64 Additional paid-in capital, common 467 Allowance for uncollectible accounts 19 Cash dividends payable 23 Common stock, at par 12 Income tax payable 53 Notes payable (long-term) 591 Retained earnings 33 Unearned revenues 36 Cash dividends declared-common 134 Income summary 742 TOTALS 2,587 2,587 What would Symphony report as total shareholders' equity? $1,120. $512. $1,143. $1,097.

Explanation / Answer

$1,120

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