Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $675 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 $3,300 in cash (for a total at the end of the year of 950 shares). These effects are included below: Catena’s Marketing
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $675 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 $3,300 in cash (for a total at the end of the year of 950 shares). These effects are included below: Catena’s Marketing
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 | $1,575 | |
2,350 | ||
Interest receivable | 130 | |
Prepaid insurance | 1,750 | |
Long-term notes receivable | 3,550 | |
Equipment | 16,790 | |
$3,300 | ||
Accounts payable | 2,700 | |
Dividends payable | 675 | |
Accrued expenses payable | 4,070 | |
Income taxes payable | 1,860 | |
Unearned rent revenue | 575 | |
Common Stock (950 shares) | 95 | |
Additional paid-in capital | 3,770 | |
1,700 | ||
Sales revenue | 41,950 | |
Rent revenue | 875 | |
Interest revenue | 130 | |
Wages expense | 21,000 | |
Depreciation expense | 2,100 | |
Utilities expense | 440 | |
Insurance expense | 885 | |
Rent expense | 9,300 | |
Income tax expense | 1,830 | |
Total | $61,700 | $61,700 |
Prepare a statement of
Note: Reductions in account balances should be indicated with a minus sign.
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