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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $680 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 $3,320 in cash (for a total at the end of the year of 960 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year   Debit Credit Cash $1,580   Accounts receivable 2,360   Interest receivable 132   Prepaid insurance 1,760   Long-term notes receivable 3,600   Equipment 16,890   Accumulated depreciation   $3,320 Accounts payable   2,720 Dividends payable   680 Accrued expenses payable   4,080 Income taxes payable   1,872 Unearned rent revenue   580 Common Stock (960 shares)   96 Additional paid-in capital   3,780 Retained earnings   1,720 Sales revenue   42,180 Rent revenue   880 Interest revenue   132 Wages expense 21,100   Depreciation expense 2,120   Utilities expense 444   Insurance expense 894   Rent expense 9,320   Income tax expense 1,840   Total $62,040 $62,040 Prepare a classified balance sheet for the end of the current year.

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $680 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 $3,320 in cash (for a total at the end of the year of 960 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year   Debit Credit Cash $1,580   Accounts receivable 2,360   Interest receivable 132   Prepaid insurance 1,760   Long-term notes receivable 3,600   Equipment 16,890   Accumulated depreciation   $3,320 Accounts payable   2,720 Dividends payable   680 Accrued expenses payable   4,080 Income taxes payable   1,872 Unearned rent revenue   580 Common Stock (960 shares)   96 Additional paid-in capital   3,780 Retained earnings   1,720 Sales revenue   42,180 Rent revenue   880 Interest revenue   132 Wages expense 21,100   Depreciation expense 2,120   Utilities expense 444   Insurance expense 894   Rent expense 9,320   Income tax expense 1,840   Total $62,040 $62,040 Prepare a classified balance sheet for the end of the current year.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.9E
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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $680 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 $3,320 in cash (for a total at the end of the year of 960 shares). These effects are included below:

Catena’s Marketing Company
Adjusted Trial Balance
End of the Current Year
  Debit Credit
Cash $1,580  
Accounts receivable 2,360  
Interest receivable 132  
Prepaid insurance 1,760  
Long-term notes receivable 3,600  
Equipment 16,890  
Accumulated depreciation   $3,320
Accounts payable   2,720
Dividends payable   680
Accrued expenses payable   4,080
Income taxes payable   1,872
Unearned rent revenue   580
Common Stock (960 shares)   96
Additional paid-in capital   3,780
Retained earnings   1,720
Sales revenue   42,180
Rent revenue   880
Interest revenue   132
Wages expense 21,100  
Depreciation expense 2,120  
Utilities expense 444  
Insurance expense 894  
Rent expense 9,320  
Income tax expense 1,840  
Total $62,040 $62,040

Prepare a classified balance sheet for the end of the current year.

 

Assets Current assets: Accounts receivable Interest receivable Prepaid insurance Cash Balance sneet At the end of current year Total current assets Notes receivable Equipment (net of accumulated depreciation) Total assets Liabilities Current liabilities: Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Total current liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ $ 2,360 132 1,760 1,580 $ 23,002 $ 5,832 3,600 13,570 2,720 680 4,080 1,872 580 9,932 96 3,780 X 9,194 13,070 23,002
Transcribed Image Text:Assets Current assets: Accounts receivable Interest receivable Prepaid insurance Cash Balance sneet At the end of current year Total current assets Notes receivable Equipment (net of accumulated depreciation) Total assets Liabilities Current liabilities: Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Total current liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ $ 2,360 132 1,760 1,580 $ 23,002 $ 5,832 3,600 13,570 2,720 680 4,080 1,872 580 9,932 96 3,780 X 9,194 13,070 23,002
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