Catena's Marketing Company has the following adjusted trial balance at December 31, 2021. No dividends were...

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Catena's Marketing Company has the following adjusted trial balance at December 31, 2021. No dividends were declared. However, 390 shares issued at the end of the year for $3,900 are included below: Cash Accounts receivable Interest receivable Prepaid insurance Notes receivable (long-term) Equipment Accumulated depreciation Accounts payable Accrued expenses payable Income taxes payable Deferred rent revenue Contributed capital (780 shares) Retained earnings Sales revenue Interest revenue Rent revenue Wages expense Depr ation expense Utilities expense Insurance expense Rent expense Income tax expense Total CATENA'S MARKETING COMPANY Statement of Earnings For the Year Ended December 31, 2021 Operating revenues: Sales revenue Total operating revenues Operating expenses: Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Total operating expenses Prepare a multi-step statement of earnings in good form for 2021. Include earnings per share. (Round "Earnings per share" to 2 decimal places.) Earnings from operations Other items: Interest revenue Rent revenue Earnings before income taxes Income taxes expense ✓ $ 42,100 42,100 20,400✔ 2,250 470 1,200✔ 9,900 0 34,220 Debit $ 2,400 3,100 190 2,500 3,700 16,640 190 1,250 0 1,440 3,600 (2,160) 9.78 20,400 2,250 470 1,200 9,900 3,600 $ 66,350 Credit Net earnings $ $ Earnings per share *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. $ 3,900 3,300 4,370 3,150 950 4,600 2,540 42,100 190 1,250 $66,350 Catena's Marketing Company has the following adjusted trial balance at December 31, 2021. No dividends were declared. However, 390 shares issued at the end of the year for $3,900 are included below: Cash Accounts receivable Interest receivable Prepaid insurance Notes receivable (long-term) Equipment Accumulated depreciation Accounts payable Accrued expenses payable Income taxes payable Deferred rent revenue Contributed capital (780 shares) Retained earnings Sales revenue Interest revenue Rent revenue Wages expense Depr ation expense Utilities expense Insurance expense Rent expense Income tax expense Total CATENA'S MARKETING COMPANY Statement of Earnings For the Year Ended December 31, 2021 Operating revenues: Sales revenue Total operating revenues Operating expenses: Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Total operating expenses Prepare a multi-step statement of earnings in good form for 2021. Include earnings per share. (Round "Earnings per share" to 2 decimal places.) Earnings from operations Other items: Interest revenue Rent revenue Earnings before income taxes Income taxes expense ✓ $ 42,100 42,100 20,400✔ 2,250 470 1,200✔ 9,900 0 34,220 Debit $ 2,400 3,100 190 2,500 3,700 16,640 190 1,250 0 1,440 3,600 (2,160) 9.78 20,400 2,250 470 1,200 9,900 3,600 $ 66,350 Credit Net earnings $ $ Earnings per share *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. $ 3,900 3,300 4,370 3,150 950 4,600 2,540 42,100 190 1,250 $66,350

Answer rating: 100% (QA)

To prepare a multistep statement of earnings we need to calculate each section of the statement using the provided figures from the adjusted trial bal... View the full answer