Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $640 were declared at the end

image text in transcribed

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $640 were declared at the end of the year, and 590 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,360 in cash (for a total at the end of the year of 810 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $ 1,540 Accounts receivable 2,250 Interest receivable 270 Prepaid insurance 1,780 Long-term notes receivable 2,820 Equipment 16,100 Accumulated depreciation $ 2,870 Accounts payable 2,230 Dividends payable 640 Accrued expenses payable 3,800 Income taxes payable 2,560 Unearned rent revenue 370 Common Stock (810 shares) Additional paid-in capital 3,579 Retained earnings 4,340 Sales revenue 37,050 Interest revenue 130 Rent revenue 610 Wages expense 18,600 Depreciation expense 1,790 Utilities expense 340 Insurance expense 790 Rent expense 9,220 Income tax expense 2,760 Total $ 58,260 $ 58, 81 Prepare a classified balance sheet for the end of the current year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Management Audit How To Create An Effective Management Team

Authors: Michael Craig-Cooper, Philippe De Backer

1st Edition

0273600044, 978-0273600046

More Books

Students also viewed these Accounting questions