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 640 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,560 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 Credit Cash $1,690 Accounts receivable 2,360 Interest receivable 200 Prepaid insurance 1,720 Long-term notes receivable 2,870 Equipment 15,200 Accumulated depreciation $2,920 Accounts payable 2,360 Dividends payable 600 Accrued expenses payable 3,740 Income taxes payable 1,445 Unearned rent revenue Common Stock (810 shares) Additional paid-in capital Retained earnings 360 81 3,579 3,520 Sales revenue 37,150 Rent revenue 750 Interest revenue 110 Wages expense 18,700 Depreciation expense 1,710 Utilities expense 330 Insurance expense 790 9,600 1,445 Rent expense Income tax expense Total Required: $56,615 $56,615 1. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. 2. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,200. Complete this question by entering your answers in the tabs below. Required a Required b Compute total assets for Catena's Marketing Company based on the adjusted trial balance. Total assets Required: 1. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. 2. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,200. Complete this question by entering your answers in the tabs below. Required a Required b Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,200. Total Asset Turnover Choose Numerator: 1 Choose Denominator: Total Asset Turnover 1 = Total asset turnover 0
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 640 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,560 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 Credit Cash $1,690 Accounts receivable 2,360 Interest receivable 200 Prepaid insurance 1,720 Long-term notes receivable 2,870 Equipment 15,200 Accumulated depreciation $2,920 Accounts payable 2,360 Dividends payable 600 Accrued expenses payable 3,740 Income taxes payable 1,445 Unearned rent revenue Common Stock (810 shares) Additional paid-in capital Retained earnings 360 81 3,579 3,520 Sales revenue 37,150 Rent revenue 750 Interest revenue 110 Wages expense 18,700 Depreciation expense 1,710 Utilities expense 330 Insurance expense 790 9,600 1,445 Rent expense Income tax expense Total Required: $56,615 $56,615 1. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. 2. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,200. Complete this question by entering your answers in the tabs below. Required a Required b Compute total assets for Catena's Marketing Company based on the adjusted trial balance. Total assets Required: 1. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. 2. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,200. Complete this question by entering your answers in the tabs below. Required a Required b Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,200. Total Asset Turnover Choose Numerator: 1 Choose Denominator: Total Asset Turnover 1 = Total asset turnover 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Catena's Marketing Company has the following adjusted
Transcribed Image Text: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 640 additional shares of common stock ($0.10 par value per share) were issued at the end of the
year for $2,560 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
Credit
Cash
$1,690
Accounts receivable
2,360
Interest receivable
200
Prepaid insurance
1,720
Long-term notes receivable
2,870
Equipment
15,200
Accumulated depreciation
$2,920
Accounts payable
2,360
Dividends payable
600
Accrued expenses payable
3,740
Income taxes payable
1,445
Unearned rent revenue
Common Stock (810 shares)
Additional paid-in capital
Retained earnings
360
81
3,579
3,520
Sales revenue
37,150
Rent revenue
750
Interest revenue
110
Wages expense
18,700
Depreciation expense
1,710
Utilities expense
330
Insurance expense
790
9,600
1,445
Rent expense
Income tax expense
Total
Required:
$56,615 $56,615
1. Compute total assets for Catena's Marketing Company based on the adjusted trial balance.
2. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,200.
Complete this question by entering your answers in the tabs below.
Required a Required b
Compute total assets for Catena's Marketing Company based on the adjusted trial balance.
Total assets
Transcribed Image Text:Required:
1. Compute total assets for Catena's Marketing Company based on the adjusted trial balance.
2. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,200.
Complete this question by entering your answers in the tabs below.
Required a Required b
Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were
$15,200.
Total Asset Turnover
Choose Numerator:
1
Choose Denominator:
Total Asset Turnover
1
=
Total asset turnover
0
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