Listed below are account balances taken from the records of Symphony Stores

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 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.

https://my.pennfoster.com/exams/images/061500NR_Q16-19.gif

What would Symphony report as total assets?
 

[removed]A. $2,338
[removed]B. $2,318
[removed]C. $2,303
[removed]D. $2,323

 

22.   The full disclosure principle requires a balance between
 

[removed]A. relevance and cost effectiveness.
[removed]B. timeliness and predictive value.
[removed]C. comparability and consistency.
[removed]D. reliability and neutrality.

 

23.   Based on recent financial statement data for Harmony Health Foods, Inc. (HHF), shown below, HHF’s times interest earned ratio is (rounded):

https://my.pennfoster.com/exams/images/061500NR_Q36-38.gif
 

[removed]A. 3.47
[removed]B. 2.47.
[removed]C. 1.73.

 

 

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