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The adjusted
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CRANE COMPANY |
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Before |
After |
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Dr. |
Cr. |
Dr. |
Cr. |
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Cash |
$10,000 |
$10,000 |
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|
|
8,000 |
8,500 |
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Supplies |
2,500 |
1,500 |
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Prepaid Insurance |
4,000 |
2,800 |
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Equipment |
15,000 |
15,000 |
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|
$3,375 |
$4,575 |
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Accounts Payable |
5,000 |
5,000 |
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Salaries and Wages Payable |
0 |
1,000 |
||||||
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Unearned Rent Revenue |
1,800 |
1,050 |
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Common Stock |
11,000 |
11,000 |
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|
5,000 |
5,000 |
||||||
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Dividends |
2,500 |
2,500 |
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Service Revenue |
32,000 |
32,500 |
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Rent Revenue |
12,000 |
12,750 |
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Salaries and Wages Expense |
16,000 |
17,000 |
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Supplies Expense |
0 |
1,000 |
||||||
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Rent Expense |
12,175 |
12,175 |
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Insurance Expense |
0 |
1,200 |
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Depreciation Expense |
0 |
1,200 |
||||||
|
$70,175 |
$70,175 |
$72,875 |
$72,875 |
Prepare the income statement for the year ended August 31.
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CRANE COMPANY August 31, 2022 For the Year Ended August 31, 2022 For the Month Ended August 31, 2022 |
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select an opening name for section one Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, September 1, 2021 Retained Earnings, August 31, 2022 Dividends |
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enter an income statement item |
$enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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select a closing name for section one Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, September 1, 2021 Retained Earnings, August 31, 2022 Dividends |
$enter a total of the two previous amounts |
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select an opening name for section two Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, September 1, 2021 Retained Earnings, August 31, 2022 Dividends |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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enter an income statement item |
enter a dollar amount |
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select a closing name for section two Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, September 1, 2021 Retained Earnings, August 31, 2022 Dividends |
enter a total for section two |
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select a closing name for this statement Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, September 1, 2021 Retained Earnings, August 31, 2022 Dividends |
$enter a total net income or loss amount |
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- PREPARE ADJUSTED TRIAL BALANCE BY USING THE INFORMATION On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company : Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The…arrow_forwardSafety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Account Balance Accounts payable $ 11,420 Accounts receivable 20,000 Accumulated depreciation, building 79,400 Accumulated depreciation, equipment 37,600 Accumulated depreciation, furniture 21,100 Allowance for doubtful accounts 900 Building 136,600 Cash 11,200 Equipment 90,400 Expenses, including the cost of goods sold 761,400 Furniture 50,700 Land 105,700 Merchandise inventory 35,300 Note payable 85,900 Sales 904,180 Tarifa Sharma, capital 62,680 Unearned revenues 8,120 Other information: All accounts have normal balances. $26,600 of the note payable balance is due by October 31, 2021. The final task in the year-end process was to assess the assets for impairment, which resulted in the following…arrow_forwardarla Vista Company ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of the end of its fiscal year is as follows. Carla Vista CompanyAdjusted Trial BalanceJuly 31, 2020 No. Account Titles Debit Credit 101 Cash $10,500 112 Accounts Receivable 8,700 157 Equipment 16,400 158 Accumulated Depreciation—Equip. $7,100 201 Accounts Payable 4,300 208 Unearned Rent Revenue 1,800 301 Owner’s Capital 48,800 306 Owner’s Drawings 15,600 400 Service Revenue 63,700 429 Rent Revenue 6,600 711 Depreciation Expense 9,500 726 Salaries and Wages Expense 56,600 732 Utilities Expense 15,000 $132,300 $132,300 (a) Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)arrow_forward
- Crane Company ended its fiscal year on July 31, 2022. The company’s adjusted trial balance as of the end of its fiscal year is as follows. Crane CompanyAdjusted Trial BalanceJuly 31, 2022 No. Account Titles Debit Credit 101 Cash $11,000 112 Accounts Receivable 8,700 157 Equipment 16,500 158 Accumulated Depreciation—Equip. $7,600 201 Accounts Payable 4,200 208 Unearned Rent Revenue 2,300 301 Owner’s Capital 45,600 306 Owner’s Drawings 15,600 400 Service Revenue 64,500 429 Rent Revenue 6,600 711 Depreciation Expense 7,300 726 Salaries and Wages Expense 56,700 732 Utilities Expense 15,000 $130,800 $130,800 Prepare the closing entries and post to Owner’s Capital and Income Summary accounts.arrow_forwardThe Trial Balance for Jaya Sentrycon at December 31, 2019 are as follows: Account Tittle Trial Balance Dr Cr Cash 45.000 Accounts Receivable 15.000 Roofing Supplies 12.000 Equipment 75.000 Accumulated Depreciation-Equipment 10.000 Accounts Payable 15.000 Unearned Revenue 4.500 Share Capital 87.500 Dividend 8.000 Service Revenue 55.000 Salaries Expense 12.300 Miscellaneous Expense 4.700 Total 172.000 172.000 Other data: 1. Physical counts remains only $ 3.600,- of roofing supplies on hand 2. Depreciations for December 31, 2019 is $ 1.200,- 3. Unearned revenue amounted to $ 900,- at December 31, 2019 4. Accrued salaries are $ 2.550,- 5. Account Receivable has not been recorded $ 3.950,- Instructions: a. Journalize the adjusting entries! b. Enter the trial balance on a worksheet and complete the worksheet! c. Prepare an Income Statement and Retained EarningStatement for the month of December 2019 and the Financial…arrow_forwardPlease assist question attachedarrow_forward
- Complete the work sheetarrow_forwardPrepare an income statement, balance sheet and statement of owner’s equity for theyear ended January 31, 2018 from the following adjusted trial balance:P. S SuppliesAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200arrow_forwardComplete a general ledger based on the belowarrow_forward
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