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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

$

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