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 $580 were declared at the
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $580 were declared at the end of the year, and 640 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,560 in cash (for a total at the end of the year of 820 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,660 Accounts receivable 2,300 Interest receivable 160 Prepaid insurance 1,610 Long-term notes receivable 2,830 Equipment 15,400 Accumulated depreciation $2,990 Accounts payable 2,280 Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (820 shares) Additional paid-in capital Retained earnings Sales revenue 580 3,880 1,569 490 82 3,578 2,610 37,550 680 Rent revenue Interest revenue 170 Wages expense 18,300 Depreciation expense Utilities expense Insurance expense 1,790 400 740 Rent expense 9,700 Income tax expense 1,569 Total $56,459 $56,459 Prepare a multistep Income statement for the current year. Note: Round your earnings per share to 2 decimal places CATENA'S MARKETING COMPANY Income Statement Operating revenues: Total operating revenues 0 Operating expenses: Total operating expenses 0 0 Other item: Net income Earnings per share
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