Exercise 4-22

The adjusted trial balance for Crane Company is given below:

CRANE COMPANY Trial Balance August 31, 2017
		Before Adjustment				After Adjustment
		Dr.		Cr.		Dr.		Cr.
Cash		$11,210				$11,210
Accounts Receivable		8,170				8,770
Supplies		2,940				1,280
Prepaid Insurance		4,500				3,220
Equipment		16,250				16,250
Accumulated DepreciationEquipment				$3,656				$4,856
Accounts Payable				5,560				5,560
Salaries and Wages Payable				0				1,340
Unearned Rent Revenue				2,100				1,180
Common Stock				15,690				15,690
Retained Earnings				5,580				5,580
Dividends		2,740				2,740
Service Revenue				32,770				33,370
Rent Revenue				12,270				13,190
Salaries and Wages Expense		16,520				17,860
Supplies Expense		0				1,660
Rent Expense		15,296				15,296
Insurance Expense		0				1,280
Depreciation Expense		0				1,200
		$77,626		$77,626		$80,766		$80,766

Prepare the income statement for the year ended August 31. Prepare the retained earnings statements for the year ended August 31. (List items that increase retained earnings first.) Prepare the classified balance sheet at August 31. (List Current Assets in order of liquidity.)