Crane Company's balance sheet at December 31, 2021, is presented below.Crane CompanyBalance SheetDecember 31, 2021Cash$13,800Accounts payable$9,260Accounts receivable19,200Common stock18,100Allowance for doubtful accounts(810)Retained earnings14,320Inventory9,490$41,680$41,680During January 2022, the following transactions occurred. Crane uses the perpetual inventory method.Jan.Crane accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $3,600 account.Crane wrote off as uncollectible the accounts of Walter Corporation ($500) and Drake Company ($300).8Crane purchased $16,130 of inventory on account.11Crane sold for $24,200 on account inventory that cost $18,610.Crane sold inventory that cost $670 to Jack Rice for $1,000. Rice charged this amount on his Visa First Bank card. Theservice fee charged Crane by First Bank is 3%.1517Crane collected $21,800 from customers on account.21Crane paid $15,740 on accounts payable.24Crane received payment in full ($300) from Drake Company on the account written off on January 3.27Crane purchased advertising supplies for $1,360 cash.31Crane paid other operating expenses, $3,390.Adjustment data:1.Interest is recorded for the month on the note from January 1.Bad debts are expected to be 6% of the January 31, 2022, accounts receivable.3.A count of advertising supplies on January 31, 2022, reveals that $560 remains unused.4.The income tax rate is 30%. (Hint: Prepare the income statement up to Income before taxes and multiply by 30% tocompute the amount; round to whole dollars.)(You may want to set up T-accounts to determine ending balances.)2. Prepare a retained earnings statement for the month ending January 31, 2022. (Round answers to 0 decimal places, eg. 1,250)CRANE COMPANYRetained Earnings Statemente Textbook and MedlaList of AccountsPrepare a classifisd balance shast as of January 31, 2022 (List Current Assets in order of liquidity. Round answers to O decimalplaces, eg 1,250.JCRANE COMPANYBalance SheetAssetsLiabilities and Stockholders' Equity

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Crane Company Balance Sheet December 31, 2021 Cash $13,800 Accounts payable $9,2 Accounts receivable 19,200 Common stock 18,10 Allowance for doubtful accounts (810) Retained earnings 14,3 Inventory 9,490

Crane Company Balance Sheet December 31, 2021 Cash $13,800 Accounts payable $9,2 Accounts receivable 19,200 Common stock 18,10 Allowance for doubtful accounts (810) Retained earnings 14,3 Inventory 9,490

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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am. 11.