declared at the end of the year, and 660 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,640 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 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 (800 shares) Additional paid-in capital Retained earnings Sales revenue Interest revenue Rent revenue Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Income tax expense Total Debit $ 1,630 2,310 100 1,690 2,960 16,300 18, 200 1,760 350 730 Credit $ 2,900 2,230 600 3,740 2,580 420 80 3,550 4,130 37,050 180 700 9,400 2,730 $58,160 $ 58,160 a. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. > Answer is complete but not entirely correct. Total assets $ 24,990 X

declared at the end of the year, and 660 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,640 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 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 (800 shares) Additional paid-in capital Retained earnings Sales revenue Interest revenue Rent revenue Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Income tax expense Total Debit $ 1,630 2,310 100 1,690 2,960 16,300 18, 200 1,760 350 730 Credit $ 2,900 2,230 600 3,740 2,580 420 80 3,550 4,130 37,050 180 700 9,400 2,730 $58,160 $ 58,160 a. Compute total assets for Catena's Marketing Company based on the adjusted trial balance. > Answer is complete but not entirely correct. Total assets $ 24,990 X

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 20EA: Longmont Corporation earned net income of $90,000 this year. The company began the year with 600...

See similar textbooks

Similar questions

Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
A summary of the transactions affecting the stockholders’ equity of Strait Corporation during thecurrent year follows: Prior period adjustment (net of income tax benefit) . . . . . . . . . . . . . . . . . . . . . . . . $ (80,000)Issuance of common stock: 10,000 shares of $10 par valuecapital stock at $34 per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,000Declaration and distribution of 5% stock dividend (6,000 shares,market price $36 per share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (216,000)Purchased 1,000 shares of treasury stock at $35 . . . . . . . . . . . . . . . . . . . . . . . . . (35,000)Reissued 500 shares of treasury stock at a price of $36 per share . . . . . . . . . . . 18,000Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 845,000Cash dividends declared . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $10; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 51,000 13,000 64,000 49,000 $ 113,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end). b. Determined net income, $53,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount Paid-in Capital Retained Earnings Total Stockholders' Equity Balances as of December 31, prior year Balances as of December 31, current year
Required information [The following information applies to the questions displayed below] Markus Company's common stock sold for $5.25 per share at the end of this year. The company paid a common stock dividend of $0.63 per share this year. It also provided the following data excerpts from this year's financial statements. Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net Income This Year $ 1,095,000 $ 635,100 $ 459,900 $313,875 $ 15,500 $ 208,862 Ending Balance $ 49,000 $ 92,000 $76,300 $ 217,300 $ 801,000 $ 85,500 $206,000 $ 165,000 $ 595,000 $ 801,000 Beginning Balance: $ 44,200 $ 68,700 $ 92,000 $ 204,900 $ 875,400 $ 90,000 $ 185,400 $ 165,000 $ 690,000 $ 875,400
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $590 were declared at the end of the year, and 510 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,830 in cash (for a total at the end of the year of 840 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 (840 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 $1,380 2,320 160 1,730 2,860 15, 100 19,700 1,690 250 780 Credit $3,150 2,310 590 3,820 2,207 550…
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $610 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 $3,040 in cash (for a total at the end of the year of 820 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,510 Accounts receivable 2,220 Interest receivable 104 Prepaid insurance 1,620 Long-term notes receivable 2,900 Equipment 15,490 Accumulated depreciation $3,040 Accounts payable 2,440 Dividends payable 610 Accrued expenses payable 3,940 Income taxes payable 1,704 Unearned rent revenue 510 Common Stock (820 shares) 82 Additional paid-in capital 3,640 Retained earnings 1,440 Sales revenue 38,960 Rent revenue 810 Interest revenue 104 Wages expense…
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATIONBalance SheetAt December 31, Prior Year Stockholders’ equity Contributed capital Common stock (par $10; 5,100 shares) $ 51,000 Paid-in capital 18,000 Total contributed capital 69,000 Retained earnings 42,000 Total stockholders’ equity $ 111,000 During the current year, the following selected transactions (summarized) were completed: Sold and issued 1,800 shares of common stock at $24 cash per share (at year-end). Determined net income, $48,000. Declared and paid a cash dividend of $3 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders’ equity for the year ended December 31, current year.
Lou Company has December 31, Year 1 balances of ÁOCI $27,000 (debit), APIC $77,000, and Retained Earnings $313,000. For Year 2, the company has net income of $17,000, an unrealized gain on available-for- sale securities of $18,000 , and the issuance of treasury stock costing $22,000 for $29,000. The ending Year 2 balances for AOCI, APIC, and Retained Earnings are, respectively $45,000, $84,000, and $330,000 $9,000, $70,000, and $330,000 $9,000, $84,000, and $330,000 $9,000, $84,000, and $296,000 а. b. С. d.
Selected information taken from the financial statements of Wiley Company for two successibe years follows. You are to compute the percentage change from year 1 to year 2 whenever possible. Round all calculations to the nearest whole percentage. Year 2 Year 1 a. Accounts Receivable $126,000 $160,000 b. Marketable Securities -0- 250,000 c. Retained Earnings 80,000 (80,000) d. Notes Recievable 120,000 -0- e. Notes Payable 890,000 800,000 f. Cash 84,000 80,000 e. Sales 970,000 910,000
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 Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,575 Accounts receivable 2,350 Interest receivable 130 Prepaid insurance 1,750 Long-term notes receivable 3,550 Equipment 16,790 Accumulated depreciation $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 Retained earnings 1,700 Sales revenue 41,950 Rent revenue 875 Interest revenue 130 Wages expense…
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…
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 Balance, January 1 Net income Share issuance Dividends declared Balance, December 31 ✓ ✓ ✓ Debit $1,560…