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Need help finding earnings per share Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of
Need help finding earnings per share
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 610 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2.440 in cash (for a total at the end of the year of 820 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $ 1,590 Accounts receivable 2,280 Interest receivable 180 Prepaid insurance 1,690 Long-term notes receivable 2,890 Equipment 15,800 Accumulated depreciation $ 2,880 Accounts payable 2,350 Dividends payable 590 Accrued expenses payable 3,770 Income taxes payable 2,510 Unearned rent revenue 410 Common Stock (820 shares) Additional paid-in capital 3,528 Retained earnings 3,380 Sales revenue 37,550 Interest revenue 120 Rent revenue 710 Wages expense 18,000 Depreciation expense 1,720 Utilities expense 330 Insurance expense 750 Rent expense 9,900 Income tax expense 2,750 Total $ 57,880 $ 57,880 82 Prepare a multistep income statement for the current year. (Round your earnings per share to 2 decimal places.) Answer is complete but not entirely correct. 37,550 37,550 CATENA'S MARKETING COMPANY Income Statement For the current year Operating revenues: Sales revenue $ Total operating revenues Operating expenses: Wages expense Depreciation expense Utilities expense Insurance expense Rent expense 18,000 1,720 330 750 9,900 30,700 6.850 Total operating expenses Operating income Other items: Interest revenue Rent revenue 120 710 Pretax income Income tax expense Net income Earnings per share 7,680 2,750 4,930 6.01 $ $Step by Step Solution
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