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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $650 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 $650 were declared at the end of the year, and 680 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,720 in cash (for a total at the end of the year of 810 shares). These effects are included below:
Catenas Marketing Company | ||||||||
Adjusted Trial Balance | ||||||||
End of the Current Year | ||||||||
Debit | Credit | |||||||
Cash | $ | 1,590 | ||||||
Accounts receivable | 2,360 | |||||||
Interest receivable | 300 | |||||||
Prepaid insurance | 1,600 | |||||||
Long-term notes receivable | 2,930 | |||||||
Equipment | 15,800 | |||||||
Accumulated depreciation | $ | 2,960 | ||||||
Accounts payable | 2,290 | |||||||
Dividends payable | 650 | |||||||
Accrued expenses payable | 3,910 | |||||||
Income taxes payable | 2,680 | |||||||
Unearned rent revenue | 470 | |||||||
Common Stock (810 shares) | 81 | |||||||
Additional paid-in capital | 3,519 | |||||||
Retained earnings | 3,090 | |||||||
Sales revenue | 37,350 | |||||||
Interest revenue | 130 | |||||||
Rent revenue | 670 | |||||||
Wages expense | 18,400 | |||||||
Depreciation expense | 1,740 | |||||||
Utilities expense | 390 | |||||||
Insurance expense | 730 | |||||||
Rent expense | 9,230 | |||||||
Income tax expense | 2,730 | |||||||
Total | $ | 57,800 | $ | 57,800 | ||||
Prepare a classified balance sheet for the end of the current year.
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