VIEW PURCIES Current Attempt in Progress An analysis of transactions for Crane & Co. a certified public accounting firm, for the month of August is shown as follows. The expenses were $650 for rent, $4,700 for salaries and wages, and $500 for utilities. Accounts Accounts Cash Receivable Supplies Equipment Payable Owner's Capital Drawings Owner's + Revenu 1. +$14,900 +$14,900 2. -1,600 +$5,000 +$3,400 3. -800 +$800 4. +5,400 +$3,700 +$9,10 5. -1,500 6. -2.900 -1,500 -$2,900 7. -650 8. +350 -350 9. -4,700 10. +500 Assume that August is the company's first month of business. Prepare an income statement for August 31, 2022. CRANE & CO. Income Statement For the Month Ended August 31, 2022 Revenues Service Revenue Expenses Rent Expense 650 Salaries and Wages Expense 4700 Utilities Expense Total Expenses Net Income/(Loss) 500 9100 5850 3250 Prepare an owner's equity statement for August 31, 2022. (List items that increase owner's equity first.) Owner's Capital, August 1 CRANE & CO. Owner's Equity Statement August 31, 2022 Add : Investments Net Income Less : Drawings Owner's Capital, August 31: 14900 3250 18150 2900 15250 Prepare a balance sheet at August 31, 2022. (List Assets in order of liquidity.) CRANE & CO. Balance Sheet Assets SA Liabilities and Owner's Equity