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Cash fation Balance Sheet As at September 30 Assets 2020 94,650 Accounts receivable 106,450 Inventory 110.800 Prepaid operating expenses 26,100 Long term investments 250,850 Equipment
Cash fation Balance Sheet As at September 30 Assets 2020 94,650 Accounts receivable 106,450 Inventory 110.800 Prepaid operating expenses 26,100 Long term investments 250,850 Equipment 1.419,150 Less: Accumulated depreciation (520,000 1.488.000 Liabilities and Shareholders' Equity Accounts payable 74,150 Income tax payable 21.300 Bonds payable 900,150 Common shares 200.750 Retained earnings 291,650 1,488,000 2019 128,300 81,650 227,150 19.150 122,750 1.321.150 (450,000 1,450,150 82,150 14.300 950,150 140,650 262,900 1.450.150 Crane Corporation Income Statement For the year ended September 30, 2020 Sales revenue 892.700 Cost of goods sold 625.000 Gross profit 2671700 Operating expenses 185.000 Income from operations 82,700 Interest expense 3.000 Gain on disposal of equipment 2.100 Income before income tax 81.800 Income tax expense 32,000 Netincome $49.800 ADDITIONAL INFORMATION: Depreciation expense is included in "operating expenses. All accounts payable transactions were related to the purchase of inventory. During the year a plece of equipment that originally cost $100.000 was sold for cash. The equipment was 60% depreciated at the time of the sale. Long-term Investments were purchased for cash during the year. . Prepare a statement of cash flows. in good form for Crane Corporation using the indirect method. Crane Corporation follows ASPE
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