Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Having trouble with figuring out this problem any help would be appreciated! Catena's Marketing Company has the following adjusted trial balance at the end of

image text in transcribed

image text in transcribedHaving trouble with figuring out this problem any help would be appreciated!

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 $2,000 in cash (for a total at the end of the year of 810 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $ 1,640 Accounts receivable 2,280 Interest receivable 200 Prepaid insurance 1,610 Long-term notes receivable 2,960 Equipment 16,900 Accumulated depreciation $ 2,970 Accounts payable 2,230 Dividends payable 650 Accrued expenses payable 3,880 Income taxes payable con 2,680 Unearned rent revenue 480 Common Stock (810 shares) 81 Additional paid-in capital 550 3,559 Retained earnings 4,400 Sales Sales revenue Interest revenue 150 ne 570 Wages expense 18,200 Depreciation expense 1,760 Utilities expense 340 Insurance expense 780 Rent expense 9,700 Income tax expense 2,730 Total $ 59,100 $ 59, 100 37,450 Rent revenue Prepare a statement of stockholders' equity for the current year. (Reductions in account balances should be indicated with a minus sign.) CATENA'S MARKETING COMPANY Statement of Stockholders' Equity Common Stock Additional Paid-in Capital Retained Earnings Total Stockholders' Equity Balance, January 1 Balance, December 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions