Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The adjusted trial balance for Crane's Animations is presented below. Credit CRANE COMPANY Adjusted Trial Balance December 31, 2021 Debit Cash $3,300 Accounts receivable 4,800
The adjusted trial balance for Crane's Animations is presented below. Credit CRANE COMPANY Adjusted Trial Balance December 31, 2021 Debit Cash $3,300 Accounts receivable 4,800 Prepaid expenses 2,700 Equipment 46,000 Accumulated depreciation-equipment Accounts payable Unearned revenue M. Crane, capital M. Crane, drawings 19,000 Service revenue Rent expense 9,300 Salaries expense 25,300 Supplies expense 1,900 Depreciation expense 5,750 $118,050 $17,250 5,400 9,800 23,500 62,100 $118,050 Prepare an income statement for the year. Mr. Crane invested $5,200 cash in the business during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45)) CRANE COMPANY Income Statement C $ v Prepare a classified balance sheet at December 31, 2021. (List Current Assets in order of liquidity.) CRANE COMPANY Balance Sheet Assets Liabilities and Owner's Equity $ Liabilities and Owner's Equity >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started