An analysis of the transactions made by Crane & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,700 for salaries and wages, and $500 for utilities. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Cash (a1) $14,900 -1,600 -800 5,400 -1,500 -2,900 -650 350 -4,700 Accounts + Receivable + Supplies + Equipment $3,700 -350 $800 Assume that August is the company's first month of business. Prepare an income statement for August 31, 2020. $5,000 = CRANE & CO. Income Statement Accounts Payable + $3,400 -1,500 500 Owner's Capital $14,900 Owner's Drawings + Revenues -$2,900 $9,100

An analysis of the transactions made by Crane &CO. a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,700 for salaries and wages, and $500 for utilities. Assume that August is the company's first month of business. (a1) Prepare an income statement for August 31, 2020