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Hello please just fill out the blank of the exercise  Applicable income tax Dividends Earnings per share Expense Gross Profit / (LOSS)  Income before income tax Income from operations Net income / (loss)  Ne sales Retained earnings, january 1 retained earnings, december 31 Revenues  Total expense Total revenue  List of Accounts Assistance Used Accumulated Depreciation—Equipment Administrative Expenses Bad Debt Expense Casualty loss Cost of Goods Sold Delivery Expense Depreciation Expense Entertainment Expense Equipment Gain on Sale of Plant Income Tax Expense Interest Expense Interest Revenue Loss from Earthquake Damage Maintenance and Repairs Expense Miscellaneous Selling Expenses Mortgage Payable Net Sales Office Expense Other Administrative Expenses Property Tax Expense Rent Revenue Salaries and Wages Expense Salaries and Wages Payable Sales Commission Sales Discounts Sales Returns and Allowances Sales Revenue Selling Expenses Telephone and Internet Expense Travel Expense

Hello please just fill out the blank of the exercise  Applicable income tax Dividends Earnings per share Expense Gross Profit / (LOSS)  Income before income tax Income from operations Net income / (loss)  Ne sales Retained earnings, january 1 retained earnings, december 31 Revenues  Total expense Total revenue  List of Accounts Assistance Used Accumulated Depreciation—Equipment Administrative Expenses Bad Debt Expense Casualty loss Cost of Goods Sold Delivery Expense Depreciation Expense Entertainment Expense Equipment Gain on Sale of Plant Income Tax Expense Interest Expense Interest Revenue Loss from Earthquake Damage Maintenance and Repairs Expense Miscellaneous Selling Expenses Mortgage Payable Net Sales Office Expense Other Administrative Expenses Property Tax Expense Rent Revenue Salaries and Wages Expense Salaries and Wages Payable Sales Commission Sales Discounts Sales Returns and Allowances Sales Revenue Selling Expenses Telephone and Internet Expense Travel Expense

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Hello please just fill out the blank of the exercise 

  • Applicable income tax
  • Dividends
  • Earnings per share
  • Expense
  • Gross Profit / (LOSS) 
  • Income before income tax
  • Income from operations
  • Net income / (loss) 
  • Ne sales
  • Retained earnings, january 1
  • retained earnings, december 31
  • Revenues 
  • Total expense
  • Total revenue 

List of Accounts

Assistance Used

  • Accumulated Depreciation—Equipment
  • Administrative Expenses
  • Bad Debt Expense
  • Casualty loss
  • Cost of Goods Sold
  • Delivery Expense
  • Depreciation Expense
  • Entertainment Expense
  • Equipment
  • Gain on Sale of Plant
  • Income Tax Expense
  • Interest Expense
  • Interest Revenue
  • Loss from Earthquake Damage
  • Maintenance and Repairs Expense
  • Miscellaneous Selling Expenses
  • Mortgage Payable
  • Net Sales
  • Office Expense
  • Other Administrative Expenses
  • Property Tax Expense
  • Rent Revenue
  • Salaries and Wages Expense
  • Salaries and Wages Payable
  • Sales Commission
  • Sales Discounts
  • Sales Returns and Allowances
  • Sales Revenue
  • Selling Expenses
  • Telephone and Internet Expense
  • Travel Expense
%24 %24 %24 %24 > > > > >
Transcribed Image Text:%24 %24 %24 %24 > > > > >
The following are selected ledger accounts of Crane Corporation at December 31, 2020. Cash $166,500 Salaries and wages expense (sales) $255,600 Inventory 481,500 Salaries and wages expense (office) 311,400 Sales revenue 3,847,500 Purchase returns 13,500 Unearned sales revenue 105,300 Sales returns and allowances 71,100 Purchases 2,507,400 Freight-in 64,800 Sales discounts 30,600 Accounts receivable 128,250 Purchase discounts 24,300 Sales commissions 74,700 Selling expenses 62,100 Telephone and Internet expense (sales) 15,300 Accounting and legal services 29,700 Utilities expense (office) 28,800 Insurance expense (office) 21,600 Miscellaneous office expenses 7,200 Advertising expense 48,600 Rent revenue 216,000 Delivery expense 83,700 Casualty loss (before tax) 63,000 Depreciation expense (office equipment) 43,200 Interest expense 158,400 Depreciation expense (sales equipment) 32,400 Common stock ($10 par) 792,400 Crane's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Crane Corporation. (Round earnings per share to 2 decimal places, eg. 1,48.)
Transcribed Image Text:The following are selected ledger accounts of Crane Corporation at December 31, 2020. Cash $166,500 Salaries and wages expense (sales) $255,600 Inventory 481,500 Salaries and wages expense (office) 311,400 Sales revenue 3,847,500 Purchase returns 13,500 Unearned sales revenue 105,300 Sales returns and allowances 71,100 Purchases 2,507,400 Freight-in 64,800 Sales discounts 30,600 Accounts receivable 128,250 Purchase discounts 24,300 Sales commissions 74,700 Selling expenses 62,100 Telephone and Internet expense (sales) 15,300 Accounting and legal services 29,700 Utilities expense (office) 28,800 Insurance expense (office) 21,600 Miscellaneous office expenses 7,200 Advertising expense 48,600 Rent revenue 216,000 Delivery expense 83,700 Casualty loss (before tax) 63,000 Depreciation expense (office equipment) 43,200 Interest expense 158,400 Depreciation expense (sales equipment) 32,400 Common stock ($10 par) 792,400 Crane's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Crane Corporation. (Round earnings per share to 2 decimal places, eg. 1,48.)
Expert Solution
Step 1 Income Statement 2020
Particulars Amount ($) Amount ($)
Sales Revenue 3847500  
   Less: Sales return (71100) 3776400
Discount Received   24300
Rent revenue   216000
Total Revenue   4016700
Cost of goods Sold   (2384800)
Other expenses   (1235700)
Net Profit   396200
Less: Tax @20%   (79240)
Net Profit after Tax                              316960
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