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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 550 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,200 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 $ 1,690 Accounts receivable 2,290 Interest receivable 240 Prepaid insurance 1,710 Long-term notes receivable 2,850 Equipment 15,600 Accumulated depreciation $ 2,980 Accounts payable 2,250 Dividends payable 590 Accrued expenses payable 3,870 Income taxes payable 2,690 Unearned rent revenue 390 Common Stock (800 shares) 80 Additional paid-in capital 3,450 Retained earnings 3,170 Sales revenue 37, 350 Interest revenue 160 Rent revenue 570 Wages expense 18,300 Depreciation expense 1,770 Utilities expense 370 Insurance expense 760 Rent expense 9,200 Income tax expense 2, 770 Total $ 57,550 $ 57,550 a. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. Total assets b. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,200. Total Asset Turnover Choose Denominator: Choose Numerator: 1 Total Asset Turnover Total asset turnover
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