Question 2 of 2 2.37 / 5 The following balance sheet was prepared by the bookkeeper for Crane Company as of December 31, 2020. Crane Company Balance Sheet as of December 31, 2020 Cash $94,000 Accounts payable Accounts receivable (net) 50,500 Bonds payable Inventory 59,000 Stockholders' equity Investments 75,200 Equipment (net) 107,000 Patents 30,000 $415.700 $91,000 100,000 224,700 $415,700 The following additional information is provided: 1. 2. Cash includes the cash surrender value of a life insurance policy $8,100, and a bank overdraft of $2,500 has been deducted. The net accounts receivable balance includes: (a) accounts receivable-debit balances $58,000; (b) accounts receivable-credit balances $3,900; (c) allowance for doubtful accounts $3,600. Inventory does not include goods costing $2,900 shipped out on consignment. Receivables of $2,900 were recorded on these goods. Investments include investments in common stock, trading $17,500 and available-for-sale $48,500, and franchises $9,200. Equipment costing $5,500 with accumulated depreciation $4,500 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000. 3. 4. 5. Question 2 of 2 > 2.37 / 5 Prepare a balance sheet in good form. (List Current Assets in order of liquidity.) Crane Company Balance Sheet As of December 31, 2020 Assets Current Assets Cash $ 88400 Prepaid Expenses Accounts Receivable $ 55100 Less Allowance for Doubtful Accounts 3600 51500 Inventories Equipment Held for Sale Total Current Assets Intangible Assets Patents Franchises Question 2 of 2 2.37 / 5 III Current Liabilities Franchises $ Bank Overdraft Accounts Payable Total Current Liabilities Long-Term Liabilities Bonds Payable Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity $ e Textbook and Media Assistance Used e Textbook 1 e Textbook 2 Save for Later Last saved 1 second ago. Attempts: 1 of 3 used Submit Answer Saved work will be auto-submitted on the due date