Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what is wrong / how is it incomplete?? Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash

what is wrong / how is it incomplete??
image text in transcribed
image text in transcribed
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $600 were declared at the end of the year, and 580 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,320 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 $ 1,560 Accounts receivable 2,230 Interest receivable 180 Prepaid insurance 1,690 Long-term notes receivable 2,840 Equipment 17,000 Accumulated depreciation $ 2,890 Accounts payable 2,290 Dividends payable 600 Accrued expenses payable 3,800 Income taxes payable 2,700 Unearned rent revenue 440 Common Stock (820 shares) 82 Additional paid-in capital 3,598 Retained earnings 4,030 Sales revenue 37,450 Interest revenue 120 Rent revenue 680 Wages expense 18,500 Depreciation expense 1,750 Utilities expense 330 Insurance expense Rent expense 9, 100 Income tax expense 2,750 Total $ 58,680 $58,680 750 Income Statement $ 37,450 37,450 Operating revenues: Sales revenue Total operating revenues Operating expenses: Wages expense Depreciation expense Utilities expense Insurance expense Rent expense 18,500 1,750 330 750 9,100 30,430 Total operating expenses Operating income Other items: 7,020 Interest revenue 120 Rent revenue 680 X 7,820 X Interest revenue Pretax income 15,640 $ Net income Earnings per share All 5,070 6.18 X $

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

Introduction To AccountingAn Integrated Approach

Authors: Penne Ainsworth, Dan Deines

8th Edition

1119600103, 9781119600107

More Books

Students also viewed these Accounting questions