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It's telling me the answer is incomplete but I'm not sure what I am missing? Please help. Catena's Marketing Company has the following adjusted trial
It's telling me the answer is incomplete but I'm not sure what I am missing? Please help.
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $610 were declared at the end of the year, and 530 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,120 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 Credit Debit $1,570 Cash Accounts receivable 2,310 Interest receivable 270 Prepaid insurance 1,750 2,860 Long-term notes receivable Equipment 15,400 Accumulated depreciation. $2,820 2,230 Accounts payable Dividends payable 610 3,900 Accrued expenses payable Income taxes payable Unearned rent revenue 1,571 420 81 Common Stock (810 shares) Additional paid-in capital 3,559 Retained earnings 3,060 Sales revenue 37,350 Rent revenue 550 Interest revenue 100 Wages expense Depreciation expense 18,500 1,730 Utilities expense 400 Insurance expense 790 Rent expense 9,100 1,571 Income tax expense Total $56,251 $56,251 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 For the current year Operating revenues: Sales revenue 37,350 37,350 18,500 1,730 400 790 9,100 30,520 6,830 100 550 7,480 1,571 5.909 Total operating revenues Operating expenses: Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Total operating expenses Operating income Other item: Interest revenue Rent revenue Pretax income Income tax expense Net income $ $Step by Step Solution
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