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. $650 cash dividends were declared at year-end, and 680
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. $650 cash dividends were declared at year-end, and 680 additional common shares ($0.10 per share face value) were issued at year-end for $2,720 in cash (for year-end total). 810 shares). These effects are listed below:
Catena's Marketing Company | ||||||||
Adjusted trial balance | ||||||||
End of Current Year | ||||||||
debt | Credit | |||||||
in advance | $ | 1.590 | ||||||
Accounts receivable | 2.360 | |||||||
interest receivable | 300 | |||||||
prepaid insurance | 1.600 | |||||||
long-term bills of exchange | 2.930 | |||||||
Equipment | 15.800 | |||||||
accumulated depreciation | $ | 2.960 | ||||||
Accounts payable | 2.290 | |||||||
Debt payable | 650 | |||||||
Accrued expenses payable | 3.910 | |||||||
Income taxes payable | 2.680 | |||||||
Unearned rental income | 470 | |||||||
Stock (810 shares) | 81 | |||||||
Additional paid-in capital | 3.519 | |||||||
Retained earnings | 3.090 | |||||||
sales revenue | 37.350 | |||||||
interest income | 130 | |||||||
rent earn | 670 | |||||||
Wage expense | 18.400 | |||||||
depreciation expense | 1.740 | |||||||
Utilities expense | 390 | |||||||
insurance cost | 730 | |||||||
Rent | 9.230 | |||||||
income tax expense | 2.730 | |||||||
Total | $ | 57.800 | $ | 57.800 | ||||
Prepare a classified balance sheet for the end of the current year.
Step by Step Solution
★★★★★
3.40 Rating (153 Votes )
There are 3 Steps involved in it
Step: 1
Catenas Marketing Company Balance Sheet End of Current Year Assets Current ...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