{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T07:53:27-04:00", "answer_date": "2024-06-28 07:53:27", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4267829", "url": "\/study-help\/questions\/problem-179a-b-direct-method-condensed-financial-data-follow-for-4267829", "question_creation_date_js": "2024-06-28T07:53:27-04:00", "question_creation_date": "Jun 28, 2024 07:53 AM", "meta_title": "[Solved] *Problem 17-9A (b) (direct method) Conden | SolutionInn", "meta_description": "Answer of - *Problem 17-9A (b) (direct method) Condensed financial data follow for Crane Ltd. E- Perform reports under ASPE. CRANE | SolutionInn", "meta_keywords": "*problem,17-9a,direct,method,condensed,financial,data,follow,crane,ltd,-,perform", "question_title_h1": "*Problem 17-9A (b) (direct method) Condensed financial data follow for Crane Ltd. E- Perform reports under ASPE. CRANE LTD. Balance Sheet December 31 Assets 2017", "question_title": "*Problem 17-9A (b) (direct method) Condensed financial data follow for Crane Ltd.", "question_title_for_js_snippet": " Problem 17 9A (b) (direct method) Condensed financial data follow for Crane Ltd E Perform reports under ASPE CRANE LTD Balance Sheet December 31 Assets 2017 2016 Cash $102,580 $48,000 Accounts receivable 75,600 44,600 Inventory 128,600 92,600 Prepaid expenses 37,300 27,200 Long term investments 128,400 114,400 Property, plant, and equipment 270,700 241,400 Accumulated depreciation (53,000) (53,800) Total assets $690,180 $514,400 Liabilities and Shareholders' Equity Accounts payable $91,900 $78,300 Accrued expenses payable 11,300 6,100 Notes payable 123,500 157,800 Common shares 241,400 185,600 Retained earnings 222,080 86,600 Total liabilities and shareholders' equity $690,180 $514,400 CRANE LTD Income Statement Year Ended December 31, 2017 Sales $494,100 Cost of goods sold 185,000 Gross profit 309,100 Operating expenses $58,800 Depreciation expense 46,400 Loss on sale of equipment 7,710 112,910 Profit from operations 196,190 Other expenses Interest expense 3,580 Profit before income tax 192,610 Income tax expense 44,500 Profit $148,110Additional Information New equipment costing $88,100 was purchased for $30,900 cash and a $57,200 note payable Equipment with an original cost of $58,800 was sold at a loss of $ 10 Notes payable matured during the year and were repaid A long term investment was acquired for cash Accounts payable relate only to merchandise creditors Accrued expenses payable and prepaid expenses relate to operating expenses mU'I hthl l Prepare the operating section of the cash flow statement using the direct method Show amounts that decrease cash ow with either ) sign 2 9 1 5,000 or in parent hats e g (15,000) ) CRANE LTD Cash Flow Statement (PartiaI)Direct Method", "question_description": "

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\"image\"image<\/div><\/div><\/div> *Problem 17-9A (b) (direct method) Condensed financial data follow for Crane Ltd. E- Perform reports under ASPE. CRANE LTD. Balance Sheet December 31 Assets 2017 2016 Cash $102,580 $48,000 Accounts receivable 75,600 44,600 Inventory 128,600 92,600 Prepaid expenses 37,300 27,200 Long-term investments 128,400 114,400 Property, plant, and equipment 270,700 241,400 Accumulated depreciation (53,000) (53,800) Total assets $690,180 $514,400 Liabilities and Shareholders' Equity Accounts payable $91,900 $78,300 Accrued expenses payable 11,300 6,100 Notes payable 123,500 157,800 Common shares 241,400 185,600 Retained earnings 222,080 86,600 Total liabilities and shareholders' equity $690,180 $514,400 CRANE LTD. Income Statement Year Ended December 31, 2017 Sales $494,100 Cost of goods sold 185,000 Gross profit 309,100 Operating expenses $58,800 Depreciation expense 46,400 Loss on sale of equipment 7,710 112,910 Profit from operations 196,190 Other expenses Interest expense 3,580 Profit before income tax 192,610 Income tax expense 44,500 Profit $148,110Additional Information: . New equipment costing $88,100 was purchased for $30,900 cash and a $57,200 note payable. . Equipment with an original cost of $58,800 was sold at a loss of $?.?10. . Notes payable matured during the year and were repaid. . A long-term investment was acquired for cash. . Accounts payable relate only to merchandise creditors. . Accrued expenses payable and prepaid expenses relate to operating expenses. mU'I-hthl-l Prepare the operating section of the cash flow statement using the direct method. [Show amounts that decrease cash ow with either.) - sign 2.9. -1 5,000 or in parent-hats e.g. (15,000).) CRANE LTD. Cash Flow Statement (PartiaI)Direct Method", "transcribed_text": "", "related_book": { "title": "Income Tax Fundamentals 2013", "isbn": "1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516", "edition": "31st Edition", "authors": "Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1124.jpg", "uri": "\/textbooks\/income-tax-fundamentals-2013-31st-edition-9781285586618", "see_more_uri": "" }, "free_related_book": { "isbn": "1107156416", "uri": "\/textbooks\/mathematical-methods-and-physical-insights-an-integrated-approach-new-edition-978-1107156418-291442", "name": "Mathematical Methods And Physical Insights An Integrated Approach", "edition": "New Edition" }, "question_posted": "2024-06-28 07:53:27", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/the-following-balances-appeared-in-the-general-ledger-for-ski", "description": "The following balances appeared in the general ledger for Ski Daddle Corporation at fiscal year-end December 31, 2012: Selling and administrative expenses $ 45,000 Other revenues and gains 80,000...", "stars": 3 }, { "url": "\/study-help\/psychology\/list-one-of-the-facultys-publications-in-apa-style-1980932", "description": "List one of the facultys publications in APA style.", "stars": 3 }, { "url": "\/dont-tell-me-weve-lost-another-bid-exclaimed-janice-hudson", "description": "Dont tell me weve lost another bid! exclaimed Janice Hudson, president of Prime Products Inc. 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The company's accounting system says that the unit product cost for this bracelet is $149.00 as shown below: Direct materials...", "stars": 3 }, { "url": "\/study-help\/questions\/what-are-domestic-andor-international-attention-due-to-parkes-elvis-1007924", "description": "What are domestic and\/or international attention due to Parkes Elvis festival media coverage?", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/ea1what-will-he-the-tatai-relevant-met-at-lacuna-dmrne-4267828", "next": "\/study-help\/questions\/xyz-company-uses-process-costing-to-track-its-costs-in-4267830" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "*Problem 17-9A (b) (direct method) Condensed financial data follow for Crane Ltd.", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/problem-179a-b-direct-method-condensed-financial-data-follow-for-4267829" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }