Question

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $620 were declared at the end of the year, and 580 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,320 in cash (for a total at the end of the year of 850 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $ 1,590 Accounts receivable 2,310 Interest receivable 270 Prepaid insurance 1,750 Long-term notes receivable 2,930 Equipment 15,900 Accumulated depreciation $ 2,810 Accounts payable 2,200 Dividends payable 620 Accrued expenses payable 3,910 Income taxes payable 2,530 Unearned rent revenue 400 Common Stock (850 shares) 85 Additional paid-in capital 3,475 Retained earnings 5,070 Sales revenue 36,750 Interest revenue 120 Rent revenue 580 Wages expense 18,300 Depreciation expense 1,740 Utilities expense 360 Insurance expense 720 Rent expense 9,900 Income tax expense 2,780 Total $ 58,550 $ 58,550 Prepare a statement of stockholders' equity for the current year. (Reductions in account balances should be indicated with a minus sign.)

Answer 1