Crane Company, a ski tuning and repair shop, opened on November 1, 2024. 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, 2025. Issuance of common shares Payment to purchase repair shop equipment Rent 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 Cash Receipts $17,000 (a) 30,000 47,000 $47,000 Cash Payments $9,000 1,190 300 800 CRANE COMPANY Income Statement 2,000 10,000 The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the beginning of each month. The part-time helper is owed $350 at April 30, 2025, for unpaid wages. At April 30, 2025, customers owe Crane Company $350 for services they have received but have not yet paid for. 23,290 23,710 $47,000 Prepare an accrual-basis income statement for the 6 months ended April 30, 2025. tA

Crane Company, a ski tuning and repair shop, opened on November 1, 2024. 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, 2025. Issuance of common shares Payment to purchase repair shop equipment Rent 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 Cash Receipts $17,000 (a) 30,000 47,000 $47,000 Cash Payments $9,000 1,190 300 800 CRANE COMPANY Income Statement 2,000 10,000 The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the beginning of each month. The part-time helper is owed $350 at April 30, 2025, for unpaid wages. At April 30, 2025, customers owe Crane Company $350 for services they have received but have not yet paid for. 23,290 23,710 $47,000 Prepare an accrual-basis income statement for the 6 months ended April 30, 2025. tA

Name: Crane Company, a ski tuning and repair shop, opened on November 1, 20
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Description: Crane Company, a ski tuning and repair shop, opened on November 1, 2024. The company carefully kept track of all its cash receiptsand cash payments. The following information is available at the end of the ski season, April 30, 2025.Issuance of comm

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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