1. prepare an income statement

2. prepare statement of owners equity

3. prepare balance sheet ( list current assets in order of liquidity)

4.prepare the closing entries

5.post the closing entries and calculate balance in each account

6. prepare post closing trial balance

Question 2 of 2 CRANE COMPANY Adjusted Trial Balance December 31, 2021 Account Titles Cr. Dr. 7,600 11,100 2,000 24.400 Account No. 101 112 130 157 158 201 212 301 306 400 622 711 722 726 732 5,000 8,500 2.200 17,400 Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Salaries payable L. Crane, capital L. Crane, drawings Service revenue Repairs expense Depreciation expense Insurance expense Salaries expense Utilities Expense Totals 10,500 59,300 2,500 2.500 1,700 28.900 1,200 $92.400 $92,400