Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $660 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 $3,240 in cash (for a total at the end of the year of 920 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Cash Accounts receivable. Interest receivable Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (920 shares) Additional paid-in capital Retained earnings Sales revenue Rent revenue Interest revenue Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Income tax expense Total Debit $1,560 2,320 124 1,720 3,400 16,490 Credit $3,240 2,640 660 4,040 1,824 560 92 3,740 1,640 41,260 860 124 20,700 2,040 428 858 9,240 1,800 $60,680 $60,680 Prepare a multistep income statement for the current year. Note: Round your earnings per share to 2 decimal places.

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $660 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 $3,240 in cash (for a total at the end of the year of 920 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Cash Accounts receivable. Interest receivable Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (920 shares) Additional paid-in capital Retained earnings Sales revenue Rent revenue Interest revenue Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Income tax expense Total Debit $1,560 2,320 124 1,720 3,400 16,490 Credit $3,240 2,640 660 4,040 1,824 560 92 3,740 1,640 41,260 860 124 20,700 2,040 428 858 9,240 1,800 $60,680 $60,680 Prepare a multistep income statement for the current year. Note: Round your earnings per share to 2 decimal places.

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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