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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 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,200 in cash (for a total at the end of the year of 900 shares). These effects are included below:
Catenas Marketing Company | ||
---|---|---|
Adjusted Trial Balance | ||
End of the Current Year | ||
Debit | Credit | |
Cash | $1,550 | |
Accounts receivable | 2,300 | |
Interest receivable | 120 | |
Prepaid insurance | 1,700 | |
Long-term notes receivable | 3,300 | |
Equipment | 16,290 | |
Accumulated depreciation | $3,200 | |
Accounts payable | 2,600 | |
Dividends payable | 650 | |
Accrued expenses payable | 4,020 | |
Income taxes payable | 1,800 | |
Unearned rent revenue | 550 | |
Common Stock (900 shares) | 90 | |
Additional paid-in capital | 3,720 | |
Retained earnings | 1,600 | |
Sales revenue | 40,800 | |
Rent revenue | 850 | |
Interest revenue | 120 | |
Wages expense | 20,500 | |
Depreciation expense | 2,000 | |
Utilities expense | 420 | |
Insurance expense | 840 | |
Rent expense | 9,200 | |
Income tax expense | 1,780 | |
Total | $60,000 | $60,000 |
Prepare a statement of stockholders' equity for the current year. Note: Reductions in account balances should be indicated with a minus sign.
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