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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.

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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what is the earnings per share? it says that 7.80 is incorrect

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 20,700 2,040 428 858 Credit X Answer is not complete. $3,240 2,640 660 CATENA'S MARKETING COMPANY 4,040 1,824 560 92 3,740 1,640 41,260 9,240 1,800 $60,680 $60,680 860 124 Prepare a multistep income statement for the current year. Note: Round your earnings per share to 2 decimal places.
Transcribed Image Text: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 20,700 2,040 428 858 Credit X Answer is not complete. $3,240 2,640 660 CATENA'S MARKETING COMPANY 4,040 1,824 560 92 3,740 1,640 41,260 9,240 1,800 $60,680 $60,680 860 124 Prepare a multistep income statement for the current year. Note: Round your earnings per share to 2 decimal places.
Prepare a multistep income statement for the current year. Note: Round your earnings per share to 2 decimal places. CATENA'S MARKETING COMPANY Answer is not complete. Income Statement For the current year Operating revenues: Sales revenue Rent revenue Total operating revenues Operating expenses: Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Total operating expenses Operating income Other item: Pretax income Income tax expense Net income Earnings per share $ EA $ 41,260 860 42,120 20,700 2,040 428 858 9,240 33,266 8,854 8,854 1,800 7,178 7.80
Transcribed Image Text:Prepare a multistep income statement for the current year. Note: Round your earnings per share to 2 decimal places. CATENA'S MARKETING COMPANY Answer is not complete. Income Statement For the current year Operating revenues: Sales revenue Rent revenue Total operating revenues Operating expenses: Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Total operating expenses Operating income Other item: Pretax income Income tax expense Net income Earnings per share $ EA $ 41,260 860 42,120 20,700 2,040 428 858 9,240 33,266 8,854 8,854 1,800 7,178 7.80
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