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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $690 were declared at the
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $690 were declared at the end of the year, and 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,360 in cash (for a total at the end of the year of 980 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Cash Debit $1,590 Credit Accounts receivable 2,380 Interest receivable 136 Prepaid insurance 1,780 Long-term notes receivable 3,700 Equipment 17,090 Accumulated depreciation $3,360 Accounts payable 2,760 Dividends payable 690 4,100 Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (980 shares) Additional paid-in capital Retained earnings Sales revenue 1,896 590 98 3,800 1,760 42,640 Rent revenue 890 Interest revenue 136 Wages expense 21,300 Depreciation expense 2,160 Utilities expense 452 Insurance expense 912 Rent expense Income tax expense Total Prepare a multistep income statement for the current year. Note: Round your earnings per share to 2 decimal places. 9,360 1,860 $62,720 $62,720 CATENA'S MARKETING COMPANY Income Statement For the current year Operating revenues: Sales revenue Rent revenue $ 42,640 890 Total operating revenues 43,530 Operating expenses: Wages expense 21,300 Depreciation expense 2,160 Insurance expense 912 Rent expense 9,360 Utilities expense 452 Total operating expenses 34,184 9,346 Other item: Interest revenue 136 9,482 Income tax expense 1,860 Net income Earnings per share
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