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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Catena's Marketing Company has the following adjusted
| Catena’s Marketing Company | ||
| Adjusted Trial Balance | ||
| End of the Current Year | ||
| Debit | Credit | |
|---|---|---|
| Cash | $1,580 | |
| 2,360 | ||
| Interest receivable | 132 | |
| Prepaid insurance | 1,760 | |
| Long-term notes receivable | 3,600 | |
| Equipment | 16,890 | |
| $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 | |
| 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
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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