Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g.(45).)CRANE COMPANYIncome Statement2$2424MacBook Pro The completed financial statement columns of the worksheet for Crane Company are shown as follows:Crane CompanyWorksheetFor the Year Ended December 31, 2020Income StatementBalance SheetAccountAccount TitlesDr.Cr.Dr.Cr.No.101Cash8,800112Accounts Receivable10,800130Prepaid Insurance3,000157Equipment24,500158Accumulated Depreciation-Equip.4,600201Accounts Payable9,2002,600Salaries and Wages PayableOwner's Capital21220,000301306Owner's Drawings12,10060,500400Service Revenue622Maintenance and Repairs Expense1,6003,100Depreciation ExpenseInsurance Expense7111,80072229,800Salaries and Wages ExpenseUtilities Expense7261,40073237,70060,50059,20036,400Totals22,800Net Income22,80060,50060,50059,20059,200

Total Expenses = Maintenance and repair expense + Depreciation expense + Insurance expense +…

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 24,500 Equipment Accumulated Depreciation-Equip. 157 4,600 158 9,200 201 Accounts Payable 2,600 Salaries and Wages Payable Owner's Capital 212 20,000 301 12,100 306 Owner's Drawings 400 Service Revenue 60,500 622 Maintenance and Repairs Expense 1,600 3,100 Depreciation Expense Insurance Expense 711 1,800 722 726 Salaries and Wages Expense 29,800 732 Utilities Expense 1,400 37,700 60,500 59,200 36,400 Totals 22,800 Net Income 22,800 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 24,500 Equipment Accumulated Depreciation-Equip. 157 4,600 158 9,200 201 Accounts Payable 2,600 Salaries and Wages Payable Owner's Capital 212 20,000 301 12,100 306 Owner's Drawings 400 Service Revenue 60,500 622 Maintenance and Repairs Expense 1,600 3,100 Depreciation Expense Insurance Expense 711 1,800 722 726 Salaries and Wages Expense 29,800 732 Utilities Expense 1,400 37,700 60,500 59,200 36,400 Totals 22,800 Net Income 22,800 60,500 60,500 59,200 59,200

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 68APSA: Financial Statement Presentation of Operating Assets Olympic Acquisitions Inc. prepared the...

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