Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance for Crane Company is shown below. CRANE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr.

The adjusted trial balance for Crane Company is shown below.

CRANE COMPANY Trial Balance August 31, 2020

Before Adjustment

After Adjustment

Dr.

Cr.

Dr.

Cr.

Cash $10,500 $10,500
Accounts Receivable 8,500 9,500
Supplies 2,400 600
Prepaid Insurance 3,700 2,500
Equipment 12,800 12,800
Accumulated Depreciation-Equipment $ 3,700 $ 4,600
Accounts Payable 5,700 5,700
Salaries and Wages Payable 0 1,300
Unearned Rent Revenue 1,300 600
Owners Capital 14,000 14,000
Service Revenue 34,000 35,000
Rent Revenue 10,900 11,600
Salaries and Wages Expense 16,800 18,100
Supplies Expense 0 1,800
Rent Expense 14,900 14,900
Insurance Expense 0 1,200
Depreciation Expense 0 900
$69,600 $69,600 $72,800 $72,800
Prepare the income statement for the year.
CRANE COMPANY Income Statement

For the Month Ended August 31, 2020August 31, 2020For the Year Ended August 31, 2020

DrawingsExpensesInvestmentNet Income / (Loss)Owners Capital, September 1, 2016Owners Capital, August 31, 2017RevenuesTotal ExpensesTotal Revenues

$

Drawings Expenses Investment Net Income / (Loss) Owners Capital, September 1, 2016 Owners Capital, August 31, 2017 Revenues Total Expenses Total Revenues

DrawingsExpensesInvestmentNet Income / (Loss)Owners Capital, September 1, 2016Owners Capital, August 31, 2017RevenuesTotal ExpensesTotal Revenues

$

Drawings Expenses Investment Net Income / (Loss) Owners Capital, September 1, 2016 Owners Capital, August 31, 2017 Revenues Total Expenses Total Revenues

DrawingsExpensesInvestmentNet Income / (Loss)Owners Capital, September 1, 2016Owners Capital, August 31, 2017RevenuesTotal ExpensesTotal Revenues

$

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

Students also viewed these Accounting questions