Consolidated Balance Sheets 84 Bell Canada Enterprises  2004 Annual Report AT DECEMBER  31 (in $ millions) NOTES 2004 2003 Assets Current assets Cash and cash equivalents 380 585  Accounts receivable  11 2,119 2,061  Other current assets  12 1,211 739  Current assets of discontinued operations  9 – 280  Total current assets 3,710 3,665  Capital assets  13 21,398 21,114  Other long-term assets  14 2,656 3,459  Indefinite-life intangible assets  15 2,916 2,910  Goodwill 16 8,413 7,761  Non-current assets of discontinued operations  9 50 511  Total assets 39,143  39,420 Liabilities Current liabilities Accounts payable and accrued liabilities 3,700  3,046  Interest payable 183  194  Dividends payable 297  294  Debt due within one year  17 1,276  1,519  Current liabilities of discontinued operations  9 – 285  Total current liabilities 5,456 5,338  Long-term debt  18 11,809 12,381  Other long-term liabilities  19 4,932 4,705  Non-current liabilities of discontinued operations 9 – 20  Total liabilities 22,197 22,444  Non-controlling interest 2,914 3,403  Commitments and contingencies 24 Shareholders’ Equity Preferred shares  21 1,670  1,670  Common shareholders’ equity Common shares  21 16,781  16,749  Contributed surplus  1,061 1,037 Deficit  (5,424) (5,837) Currency translation adjustment (56) (46) Total common shareholders’ equity 12,362  11,903  Total shareholders’ equity 14,032  13,573  Total liabilities and shareholders’ equity 39,143  39,420 On behalf of the board of directors: Director Director