Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc.s financial statements at year end: 2021

Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc.s financial statements at year end:

2021 2020
Cash $ 18,900 $ 8,600
Buildings 843,000 737,000
Equipment 399,000 346,600
Land 97,000 54,000
Accumulated depreciationbuildings 306,000 291,500
Accumulated depreciationequipment 127,000 95,000
Dividends payable 6,350 2,800
Mortgage payable 545,800 585,800
Notes payable 341,000 310,000
Common shares: 5,420 shares in 2021; 4,020 in 2020 540,000 411,000
Retained earnings 203,000 104,000
Cash dividends declared 26,000 10,800
Depreciation expensebuildings 25,000 40,100
Depreciation expenseequipment 47,605 25,750
Gain on sale of equipment 920 0
Loss on sale of building 9,900 0
Interest expense 48,450 44,350

Additional information:
1. Purchased $76,000 of equipment for $10,400 cash and a note payable for the remainder.
2. Equipment was also sold during the year.
3. Sold a building that originally cost $51,000.
4. Used cash to purchase land and a building.
5. Mortgage payments and notes payable payments included interest and principal amounts.
6.

Common shares were issued for cash.

need to ans this

1.CRANE INC. Cash Flow Statement (Partial)

2.What was the amount of profit reported by Crane Inc. in 2021?

Amount of profit $

3.CRANE INC. Cash Flow Statement (Partial)

4.Identify and determine the amount of any noncash financing activities in 2021.

Equipment costing $ was acquired by paying $ cash and issuing a note payable for $

5.Cash from net cash

by operating activities $

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

The Four Corners Of Financial Accounting

Authors: Shaho Heidari Gandoman

1st Edition

1952751950, 978-1952751950

More Books

Students also viewed these Accounting questions