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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $640 were declared at the end of the year, and 650 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,600 in cash (for a total at the end of the year of 800 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance. End of the Current Year Credit Debit $ 1,620 Cash Accounts receivable 2,340 210 Interest receivable Prepaid insurance 1,700 Long-term notes receivable 2,990 Equipment 15,500 2,860 2,310 640 3,840 Accumulated depreciation Accounts payable Dividends payable Accrued Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (800 shares) Additional paid-in capital Retained earnings 2,580 490 490 80 00 3,590 3,830 Sales revenue sales revenue 36,950 Interest revenue 170 Rent revenue 730 Wages expense 18,300 Depreciation expense 1,770 Utilities expense 350 710 Insurance expense Rent expense 9,800 2,780 Income tax expense Total $58,070 $ 58,070 a. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. Total assets b. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,700. Total Asset Turnover 1 Choose Denominator: = Total Asset Turnover Choose Numerator: Net income /Ending total assets = Total asset turnover 1 = $

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $640 were declared at the end of the year, and 650 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,600 in cash (for a total at the end of the year of 800 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance. End of the Current Year Credit Debit $ 1,620 Cash Accounts receivable 2,340 210 Interest receivable Prepaid insurance 1,700 Long-term notes receivable 2,990 Equipment 15,500 2,860 2,310 640 3,840 Accumulated depreciation Accounts payable Dividends payable Accrued Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (800 shares) Additional paid-in capital Retained earnings 2,580 490 490 80 00 3,590 3,830 Sales revenue sales revenue 36,950 Interest revenue 170 Rent revenue 730 Wages expense 18,300 Depreciation expense 1,770 Utilities expense 350 710 Insurance expense Rent expense 9,800 2,780 Income tax expense Total $58,070 $ 58,070 a. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. Total assets b. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,700. Total Asset Turnover 1 Choose Denominator: = Total Asset Turnover Choose Numerator: Net income /Ending total assets = Total asset turnover 1 = $

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 9P
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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $640 were declared at the end of the year, and 650 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,600 in cash (for a total at the end of the year of 800 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Credit Cash Accounts receivable Interest receivable Prepaid insurance Long-term notes receivable Equipment $ 2,860 2,310 640 3,840 Accumulated depreciation Accounts payable Dividends payable Accrued Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (800 shares) Additional paid-in capital 2,580 490 490 80 80 3,590 Retained earnings 3,830 Sales revenue sales revenue 36,950 Interest revenue 170 Rent revenue 730 18,300 Wages expense Depreciation expense 1,770 Utilities expense 350 710 Insurance expense Rent expense 9,800 2,780 Income tax expense Total $ 58,070 $ 58,070 a. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. Total assets b. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,700. Total Asset Turnover Choose Denominator: = Total Asset Turnover Choose Numerator: / Net income = Total asset turnover = Debit $1,620 2,340 210 1,700 2,990 15,500 /Ending total assets 1
Transcribed Image Text:Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $640 were declared at the end of the year, and 650 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,600 in cash (for a total at the end of the year of 800 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Credit Cash Accounts receivable Interest receivable Prepaid insurance Long-term notes receivable Equipment $ 2,860 2,310 640 3,840 Accumulated depreciation Accounts payable Dividends payable Accrued Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (800 shares) Additional paid-in capital 2,580 490 490 80 80 3,590 Retained earnings 3,830 Sales revenue sales revenue 36,950 Interest revenue 170 Rent revenue 730 18,300 Wages expense Depreciation expense 1,770 Utilities expense 350 710 Insurance expense Rent expense 9,800 2,780 Income tax expense Total $ 58,070 $ 58,070 a. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. Total assets b. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $15,700. Total Asset Turnover Choose Denominator: = Total Asset Turnover Choose Numerator: / Net income = Total asset turnover = Debit $1,620 2,340 210 1,700 2,990 15,500 /Ending total assets 1
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