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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $590 were declared at the end
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $590 were declared at the end of the year, and 560 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,240 in cash (for a total at the end of the year of 810 shares). These effects are included below:
Prepare a classified balance sheet for the end of the current year.
Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit 1,700 2,270 Credit Cash Accounts receivable Interest receivable 260 Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue 1,770 2,860 16,300 2,870 2,360 590 3,870 2,510 430 Common Stock (810 shares) Additional paid-in capital Retained earnings Sales revenue 81 3,599 3,910 37,150 Interest revenue Rent revenue 190 720 Wages expense Depreciation expense Utilities expense 18,200 1,780 380 Insurance expense Rent expense Income tax expense 710 9,260 2,790 58,280 $ 58,280 Total CATENA'S MARKETING COMPANY Balance Sheet At the end of current year Assets Current assets: Total current assets 0 0 Total assets Liabilities Current liabilities 0 Total current liabilities Stockholders' equity Total stockholders' equity 0 0 Total liabilities and stockholders' equityStep by Step Solution
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