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 CompanyAdjusted Trial BalanceEnd of the Current Year DebitCreditCash$1,580 Accounts receivable2,360 Interest receivable132 Prepaid insurance1,760 Long-term notes receivable3,600 Equipment16,890 Accumulated depreciation $3,320Accounts payable 2,720Dividends payable 680Accrued expenses payable 4,080Income taxes payable 1,872Unearned rent revenue 580Common Stock (960 shares) 96Additional paid-in capital 3,780Retained earnings 1,720Sales revenue 42,180Rent revenue 880Interest revenue 132Wages expense21,100 Depreciation expense2,120 Utilities expense444 Insurance expense894 Rent expense9,320 Income tax expense1,840 Total$62,040$62,040Prepare a classified balance sheet for the end of the current year. AssetsCurrent assets:Total current assetsTotal assetsLiabilitiesCurrent liabilities:Balance SheetAt the end of current yearTotal current liabilitiesStockholders' equityTotal stockholders' equityTotal liabilities and stockholders' equity

A balance sheet is a type of statement that proves the establishment of the accounting equation by…

Answered: atena's Marketing Company has the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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:

	Debit	Credit
Catena’s Marketing Company
Adjusted Trial Balance
End of the Current Year
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:
Total current assets
Total assets
Liabilities
Current liabilities:
Balance Sheet
At the end of current year
Total current liabilities
Stockholders' equity
Total stockholders' equity
Total liabilities and stockholders' equity

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