Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crane Company's general ledger included the following selected accounts (in thousands) at December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Allowance for doubtful accounts

image text in transcribed
image text in transcribed
Crane Company's general ledger included the following selected accounts (in thousands) at December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Allowance for doubtful accounts Bad debt expense Cash Cost of goods sold Estimated inventory returns Equipment Interest revenue Merchandise inventory Notes receivable-due in 2022 Notes receivable-due in 2025 Prepaid expenses Refund liability Sales Sales discounts Short-term investments Supplies Unearned revenue $1,067.6 5522 856.4 37.0 91.7 397.6 655.5 3.2 1,724.2 19.5 613.2 86.1 186.1 18.8 22.5 4,570.4 28.6 197.1 20.6 55.5 Additional information: 1. On December 31, 2020, Accounts Receivable was $601.1 thousand and the Allowance for Doubtful Accounts was $36.6 thousand The receivables turnover was 8.3 the previous year, 2 Prepare the assets section of the balance sheet. (List Current Assets in order of liquidity, Enter mounts in thousands. Round answers to 1 decimal place, eg. 52.7.) CRANE COMPANY Balance Sheet (Partial) December 31, 2021 (in thousands) Assets Current Assets Cash Accounts Receivable 5522 eletin

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial & Managerial Accounting For Undergraduates

Authors: Jason Wallace, James Nelson, Karen Christensen, Theodore Hobson, Scott L. Matthews

2nd Edition

161853310X, 9781618533104

More Books

Students also viewed these Accounting questions