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Accounts Payable of Symphony Stores

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 698
Building and equipment 921
Cash-checking 53
Installment receivables 53
Interest receivable 46
Inventory 34
Land 157
Notes receivable Long-term424
Petty cash funds 10
Prepaid expenses (for coming year) 31
Supplies 8
Trademark 41
Accounts payable-trade 540
Accumulated depreciation 64
Additional paid-in capital, common 479
Allowance for uncollectible accounts 17
Cash dividends payable 28
Common stock, at par 10
Income tax payable 48
Notes payable (long-term) 581
Retained earnings 39
Unearned revenues 26
Cash dividends declared-common123
Income summary 767
TOTALS 2,599 2,599

What would Symphony report as total current assets?

$916
$933
$923
$1,700

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Solution Summary

What would Symphony report as total current assets?

$916
$933
$923
$1,700

$2.19