FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $680 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 $3,320 in cash (for a total at the end of the year of 960 shares). These effects are included below:

Catena’s Marketing Company
Adjusted Trial Balance
End of the Current Year
  Debit Credit
Cash $1,580  
Accounts receivable 2,360  
Interest receivable 132  
Prepaid insurance 1,760  
Long-term notes receivable 3,600  
Equipment 16,890  
Accumulated depreciation   $3,320
Accounts payable   2,720
Dividends payable   680
Accrued expenses payable   4,080
Income taxes payable   1,872
Unearned rent revenue   580
Common Stock (960 shares)   96
Additional paid-in capital   3,780
Retained earnings   1,720
Sales revenue   42,180
Rent revenue   880
Interest revenue   132
Wages expense 21,100  
Depreciation expense 2,120  
Utilities expense 444  
Insurance expense 894  
Rent expense 9,320  
Income tax expense 1,840  
Total $62,040 $62,040

Prepare a classified balance sheet for the end of the current year.

 

Assets
Current assets:
Accounts receivable
Interest receivable
Prepaid insurance
Cash
Balance sneet
At the end of current year
Total current assets
Notes receivable
Equipment (net of accumulated depreciation)
Total assets
Liabilities
Current liabilities:
Accounts payable
Dividends payable
Accrued expenses payable
Income taxes payable
Unearned rent revenue
Total current liabilities
Stockholders' equity
Common stock
Additional paid-in capital
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
$
$
2,360
132
1,760
1,580
$ 23,002
$
5,832
3,600
13,570
2,720
680
4,080
1,872
580
9,932
96
3,780 X
9,194
13,070
23,002
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Transcribed Image Text:Assets Current assets: Accounts receivable Interest receivable Prepaid insurance Cash Balance sneet At the end of current year Total current assets Notes receivable Equipment (net of accumulated depreciation) Total assets Liabilities Current liabilities: Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Total current liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ $ 2,360 132 1,760 1,580 $ 23,002 $ 5,832 3,600 13,570 2,720 680 4,080 1,872 580 9,932 96 3,780 X 9,194 13,070 23,002
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