Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $600 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 $600 were declared at the end of the year, and 520 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,080 in cash (for a total at the end of the year of 800 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $ 1,530 Accounts receivable 2,400 Interest receivable 130 Prepaid insurance 1,650 Long-term notes receivable 2,890 Equipment 15,700 Accumulated depreciation $ 2,960 Accounts payable 2,280 Dividends payable 600 Accrued expenses payable 3,900 Income taxes payable 2,510 Unearned rent revenue 440 Common Stock (800 shares) 80 Additional paid-in capital 3,520 Retained earnings 3,960 Sales revenue 36,750 Interest revenue 170 Rent revenue Wages expense 18,300 Depreciation expense 1,750 Utilities expense 320 Insurance expense 760 Rent expense 9,700 Income tax expense 2,760 Total $ 57,890 $ 57,890 720 Prepare a statement of stockholders' equity for the current year. (Reductions in account balances should be indicated with a minus sign.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started