Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Saved 4-6, 4-12 Check my work 3 Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends

image text in transcribed
image text in transcribed
Saved 4-6, 4-12 Check my work 3 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 810 shares). These effects are included below: 3 10 points eBook Print Adjusted Trial Balance End of the Current Year Debit Credit Cash $ 1,510 Accounts receivable 2,340 Interest receivable 110 Prepaid insurance 1,710 Long-term notes receivable 2,890 Equipment 16,100 Accumulated depreciation $ 2,840 Accounts payable 2,300 Dividends payable 590 Accrued expenses payable 3,840 Income taxes payable 2,660 Unearned rent revenue 460 Common Stock (10 shares) 81 Additional paid-in capital 3, 469 Retained earnings 3,750 Sales revenue 37,550 Interest revenue 180 Rent revenue 650 Wages expense 18,800 Depreciation expense 1, 710 Utilities expense 420 Insurance expense 730 Rent expense 9, 300 Income tax expense 2,750 Total $58,370 $58, 370 References a. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. Total assets

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

Recommended Textbook for

Modern Auditing Study Guide

Authors: Walter G. Kell

4th Edition

0471619434, 978-0471619437

More Books

Students also viewed these Accounting questions