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The following selected accounts from Crane Corporation's general ledger are presented below for the year ended December 31. 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Cost of goods sold Depreciation expense $101.920 153,920 595,920 12.480 312,000 2,002,000 289,120 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales $1,730,560 137.280 133,120 388,960 46,800 703.040 957,840 4,139,200

The following selected accounts from Crane Corporation's general ledger are presented below for the year ended December 31. 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Cost of goods sold Depreciation expense $101.920 153,920 595,920 12.480 312,000 2,002,000 289,120 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales $1,730,560 137.280 133,120 388,960 46,800 703.040 957,840 4,139,200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare a multiple-step statement of income. CRANE CORPORATION Statement of Income (Multiple-step)
Transcribed Image Text:Prepare a multiple-step statement of income. CRANE CORPORATION Statement of Income (Multiple-step)
The following selected accounts from Crane Corporation's general ledger are presented below for the year ended December 31. 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Cost of goods sold Depreciation expense $101.920 153,920 595,920 12.480 312.000 2,002.000 289,120 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales $1,730,560 137,280 133,120 388,960 46,800 703,040 957,840 4,139,200
Transcribed Image Text:The following selected accounts from Crane Corporation's general ledger are presented below for the year ended December 31. 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Cost of goods sold Depreciation expense $101.920 153,920 595,920 12.480 312.000 2,002.000 289,120 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales $1,730,560 137,280 133,120 388,960 46,800 703,040 957,840 4,139,200
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