The completed financial statement columns of the worksheet for Crane Company are shown as follows: Crane Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr. No. 101 Cash 8,800 112 Accounts Receivable 10,800 130 Prepaid Insurance 3,000 157 Equipment 24,500 158 Accumulated Depreciation-Equip. 4,600 201 Accounts Payable 9,200 212 Salaries and Wages Payable 2,600 301 Owner's Capital 20,000 306 Owner's Drawings 12,100 400 Service Revenue 60,500 622 Maintenance and Repairs Expense 1,600 711 Depreciation Expense 3,100 722 Insurance Expense 1,800 726 Salaries and Wages Expense 29,800 732 Utilities Expense 1,400 Totals 37,700 60,500 59,200 36,400 22,800 22,800 Net Income 60,500 60,500 59,200 59,200

The completed financial statement columns of the worksheet for Crane Company are shown as follows: Crane Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr. No. 101 Cash 8,800 112 Accounts Receivable 10,800 130 Prepaid Insurance 3,000 157 Equipment 24,500 158 Accumulated Depreciation-Equip. 4,600 201 Accounts Payable 9,200 212 Salaries and Wages Payable 2,600 301 Owner's Capital 20,000 306 Owner's Drawings 12,100 400 Service Revenue 60,500 622 Maintenance and Repairs Expense 1,600 711 Depreciation Expense 3,100 722 Insurance Expense 1,800 726 Salaries and Wages Expense 29,800 732 Utilities Expense 1,400 Totals 37,700 60,500 59,200 36,400 22,800 22,800 Net Income 60,500 60,500 59,200 59,200

Name: Prepare owner's equity statement. (List items that increase owner's e
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Description: Prepare owner's equity statement. (List items that increase owner's equity first.)CRANE COMPANYOwner's Equity StatementFor the Year Ended December 31, 2020Owner's Capital, January 1$420,000Addv :Net Income/ (Loss)22,800iLessDrawings12,100Owner's Cap

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 4MCQ

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