Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
Debit Credit
Accounts receivable 676
Building and equipment 931
Cash 40
Interest receivable 33
Inventory 25
Land 150
Notes receivable (long-term) 495
Prepaid rent 26
Supplies 12
Trademark 44
Accounts payable 563
Accumulated depreciation 76
Additional paid-in capital 483
Dividends payable 21
Common stock (at par) 19
Income tax payable 47
Notes payable (long-term) 889
Retained earnings 296
Deferred revenue 38
TOTALS 2,432 2,432

What would Symphony report as total current assets?

a) $827 millions. b) $812 millions. c) $1,685 millions. d) $852 millions.

before answering the total current assets that will be recorded by Symphony one needs to understand what a current asset is. A current asset can be referred to a short term meaning that its span of life is short it can not be longer than 12 months hence current.

we also need to explain an asset: an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies