FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The comparative statements of Crane Company are presented here.
Crane Company
Income Statement For the Years Ended December 31 |
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2022
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2021
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Net sales
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$1,817,500 | $1,753,100 | ||||
Cost of goods sold
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1,008,600 | 978,000 | ||||
Gross profit
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808,900 | 775,100 | ||||
Selling and administrative expenses
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519,200 | 480,800 | ||||
Income from operations
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289,700 | 294,300 | ||||
Other expenses and losses
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||||||
Interest expense
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18,900 | 14,100 | ||||
Income before income taxes
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270,800 | 280,200 | ||||
Income tax expense
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81,512 | 78,000 | ||||
Net income
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$ 189,288 | $ 202,200 |
Crane Company
Balance Sheets December 31 |
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Assets
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2022
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2021
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Current assets
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Cash
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$60,300 | $64,500 | ||||
Debt investments (short-term)
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68,300 | 50,500 | ||||
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116,100 | 101,000 | ||||
Inventory
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122,700 | 115,200 | ||||
Total current assets
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367,400 | 331,200 | ||||
Plant assets (net)
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603,300 | 521,600 | ||||
Total assets
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$970,700 | $852,800 | ||||
Liabilities and
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Current liabilities
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Accounts payable
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$161,000 | $145,900 | ||||
Income taxes payable
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43,100 | 41,900 | ||||
Total current liabilities
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204,100 | 187,800 | ||||
Bonds payable
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220,000 | 200,000 | ||||
Total liabilities
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424,100 | 387,800 | ||||
Stockholders’ equity
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Common stock ($5 par)
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276,200 | 297,400 | ||||
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270,400 | 167,600 | ||||
Total stockholders’ equity
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546,600 | 465,000 | ||||
Total liabilities and stockholders’ equity
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$970,700 | $852,800 |
All sales were on credit. Net cash provided by operating activities for 2022 was $240,000. Capital expenditures were $146,000, and cash dividends paid were $86,488.
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