FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare a statement of stockholders' equity for the current year. (Reductions in account balances should be indicated with a minus sign.) CATENA'S MARKETING COMPANY Statement of Stockholders' Equity Total Stockholders' Common Additional Retained Stock Paid-in Capital Earnings Equity Balance, January 1 Balance, December 31
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Transcribed Image Text:Prepare a statement of stockholders' equity for the current year. (Reductions in account balances should be indicated with a minus sign.) CATENA'S MARKETING COMPANY Statement of Stockholders' Equity Total Stockholders' Common Additional Retained Stock Paid-in Capital Earnings Equity Balance, January 1 Balance, December 31
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $580 were declared at the end of the year, and 550 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,200 in cash (for a total at the end of the year of 810 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit $ 1,680 2,330 120 Credit Cash Accounts receivable Interest receivable Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxen payable 1,720 2,950 15,800 $ 2,880 2,310 580 3,780 2,600 450 81 3,609 4,920 36,850 120 Unearned rent revenue Common Stock (810 shares) Additional paid-in capital Retained earnings Sales revenue Interest revenue 590 Rent revenue 18,700 Wages expense Depreciation expense Utilities expense 1,770 370 730 Insurance expense 9,900 2,700 $ 58,770 S58,770 Rent expense Income tax expense Total
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Transcribed Image Text:Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $580 were declared at the end of the year, and 550 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,200 in cash (for a total at the end of the year of 810 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit $ 1,680 2,330 120 Credit Cash Accounts receivable Interest receivable Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxen payable 1,720 2,950 15,800 $ 2,880 2,310 580 3,780 2,600 450 81 3,609 4,920 36,850 120 Unearned rent revenue Common Stock (810 shares) Additional paid-in capital Retained earnings Sales revenue Interest revenue 590 Rent revenue 18,700 Wages expense Depreciation expense Utilities expense 1,770 370 730 Insurance expense 9,900 2,700 $ 58,770 S58,770 Rent expense Income tax expense Total
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