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29 October, 11:29

In 2016, Nordstrom, Inc. reported the following (in millions) : Current Assets Current Liabilities Long-term Liabilities Equity $3,242 $3,029 $3,959 $870 What amount did Nordstrom report as total assets? A. $4,616 million B. $3,950 million C. $7,307 million D. $13,170 million E. None of the above

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  1. 29 October, 11:40
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    The answer is E.

    Explanation:

    Accounting equation:

    Assets = Equity + Liabilities.

    Total Assets = Current assets + long-term assets

    Total liabilities = Current liabilities + long-term liabilities

    Total liabilities = $3,029 + $3,959 = $6,988

    Equity = $870

    Therefore, Total assets = $6,988 + $870

    =$7,858.

    This figure is not among the options.
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