View Policies Current Attempt in Progress Crane Company, a ski tuning and repair shop, opened on November 1, 2021. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2022. Cash Receipts Cash Payments $16,000 Issuance of common shares Payment to purchase repair shop equipment Payments to landlord Newspaper advertising payment Utility bill payments Part-time helper's wage payments Income tax payment Cash receipts from ski and Snowboard repair services Subtotals Cash balance Totals $7,360 980 300 776 2.080 8,000 25.720 41.720 19,496 22.224 $41.720 Activate We 541.720 The repair shop equipment was purchased on November 1 and has an estimated useful life of 4 years. Lease payments to the landlord are made at the beginning of each month. The amount of the payments to the landlord shown above includes a one-time security deposit of $140. The part-time helper is owed $336 at April 30, 2022, for unpaid wages. At April 30, 2022, customers owe Crane Company $432 for services they have received but have not yet paid for. (a) Prepare an accrual basis income statement for the 6 months ended April 30, 2022. CRANE COMPANY Income Statement Activate Go to Selber to search