Question

Q-4. Canena’s Marketing Company has the following adjusted trail balance at the end of the current year. Cash dividends at $600 were declared at end of the year, and 500 additional shares of common stock ($.10 per value) were issued at the end of the year for $3,000 in cash (For a total at the end of the year of 800 shares). These effects are below.

Adjusted Trail Balance        (?)

End of the current year       (?)

                                                 debit                   credit

Cash                                                      1,500

Account receivable                             2,200

Interest receivable                                 100

Prepaid Insurance                               1,600           

Long-term notes receivable              2,800              

Equipment                                         15,290  

Accumulated depreciation                                              3,000               

Accounts payable                                                              2,400

Dividends payable                                                                600

Accrued expense payable                                                 3,920

Income tax’s payable                                                         2,700

Unearned rent revenue                                                        500

Common stock              (800 shares)                                     80

Additional paid in capital                                                  3,620             

Retained Earning                                                                 1,400

Sales revenue                                                                     38,500

Interest revenue                                                                      100

Rent revenue                                                                            800

Wages expense                                       19,500

Depreciation expense                             1,800

Compute total assets for Catena’s Marketing Company based on the adjusted trail balance

Total Assets { ? }

Answer 1

Total assets: в с Assets 2 Cash 3 Account receivable 4 Interest receivable 5 Prepaid Insurance 6 Long-term notes receivable 7 Equipment 8 Less: Accumulated depreciation 9 Total assets $1,500 $2.200 $100 $1,600 $2.800 $15,290 ($3,000 $12.290 $20.490 Calculations are shown below: 2 Cash 3 Account receivable 4 Interest receivable 5 Prepaid Insurance 6 Long-term notes receivable 7 Equipment 8 Less: Accumulated depreciation 9 Total assets Assets 1500 2200 100 1600 2800 15290 -3000 =B7+B8 =SUM(C2:08)