Question
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 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 810 shares). These effects are included below: Catenas Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,520 Accounts receivable 2,240 Interest receivable 200 Prepaid insurance 1,680 Long-term notes receivable 2,940 Equipment 15,400 Accumulated depreciation $2,830 Accounts payable 2,340 Dividends payable 590 Accrued expenses payable 3,890 Income taxes payable 1,485 Unearned rent revenue 420 Common Stock (810 shares) 81 Additional paid-in capital 3,469 Retained earnings 3,290 Sales revenue 37,150 Rent revenue 620 Interest revenue 110 Wages expense 18,200 Depreciation expense 1,750 Utilities expense 370 Insurance expense 790 Rent expense 9,700 Income tax expense 1,485 Total $56,275 $56,275 Required: Compute total assets for Catenas Marketing Company based on the adjusted trial balance.
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