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please fill in the blanks that i couldnt finish. for the first question. Question #2) a Selected information from Crane Ltd's statement of financial position
please fill in the blanks that i couldnt finish. for the first question. Question #2) a Selected information from Crane Ltd's statement of financial position and statement of income is as follows: CRANE LTD. Statement of Financial Position (partial) December 31 2021 2020 Current assets Accounts receivable $7.100 $12,000 Inventory 5,600 4,600 Prepaid expenses 3,000 2,600 Current liabilities Accounts payable 4,100 2,600 Income tax payable 1,900 850 Property tax payable 2,600 1,100 Bank loan payable-current portion 6,000 8,200 CRANELTD. Statement of Income Year Ended December 31, 2021 Sales $185,000 Cost of goods sold 118,000 Gross profit 67,000 Operating expenses 59,000 Income from operations 8,000 Interest expense 1.700 Income before income tax 6,300 Income tax expense 3,300 Net income $3,000 Additional information: 1. The bank loan was received in the past to finance the purchase of equipment, 2. Operating expenses included depreciation expense of $11,800 and a loss of $5,200 on the disposal of equipment Prepare the operating activities section of the statement of cash flows, using the Indirect method. (Show amounts that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e.g. (15,000).) CRANE LTD. Statement of Cash Flows (Partial) (Year Ended December 31, 2029 Operating activities Net income $3,000 Adjustments to reconcile net income to Depreciation expense 11 800 Loss on disposal of equipment 5.200 Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Increase in accounts payable Increase in property tax payable : The following selected information is taken from the general ledger of Ivanhoe Limited: Sales $165,000 16,000 Accounts receivable, January 1 Accounts receivable, December 31 13,200 2,200 Unearned revenue, January 1 Unearned revenue, December 31 4,800 Using the above information and the direct method, calculate the cash receipts from customers. Cash receipts from customers $
please fill in the blanks that i couldnt finish. for the first question.
Question #2)
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