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33) Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Debit Credit Accounts receivable 710 Building and equipment 920 Cash 39 Interest receivable 30 Inventory 16 Land 150 Notes receivable (long-term) 450 Prepaid rent 20 Supplies 8 Trademark 40 Accounts payable 560 Accumulated depreciation 80 Additional paid-in capital 485 Dividends payable 30 Common stock (at par) 15 Income tax payable 65 Notes payable (long-term) 800 Retained earnings 308 Deferred revenue 40 TOTALS 2.383 2.383 What would Symphony report as total shareholders' equity? A) $323 million. B) $808 million. C) $838 million D) $928 million. Problem 2 (8 Points). Use this information to answer the following questions: The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125.000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 180,000 120,000 15,000 30,000 2,000 2.500 848.000 848,000 REQUIRED: Prepare the closing entries for China Tea Company for the year ended December 31, 2021. Problem 1(8 Points) Flint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. Required: Prepare adjusting journal entries, as needed for the following items. 1. The Supplies account shows a balance of $540, but a count of supplies reveals only $210 on hand. 1 2. Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $420 in Insurance expense. A review of insurance policies reveals that $125 of insurance is unexpired. 3. Flint Hills employees work Monday through Friday, and salaries of $2,400 per week are paid cach Friday. Flint Hills' year-end falls on Tuesday, 4. On December 31, 2021, Flint Hills received a utility bill for December electricity usage of $190 that will be paid in early January of 2022. FOCL

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