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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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tutordamola

Answer:

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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