Dog Question 14 of 20View Policies< >Save for LaterCurrent Attempt in ProgressThe adjusted trial balance of Crane Company at December 31, 2022, includes the following accounts: Owner's Capital $17,600.Owner's Drawings $7,500, Service Revenue $37,100, Salaries and Wages Expense $16,200, Insurance Expense $2,900, Rent Expense$3,200, Supplies Expense $1,400, and Depreciation Expense $2,000. The balance in Owner's Capital is the balance as of January 1.Prepare an owner's equity statement for the year assuming net income is $11,400 for the year. (List items that increase owner's equityfirst.)CRANE COMPANYOwner's Equity StatementeTextbook and MediaE!!!Attempts: 0 of 2 used***Submit Answer

The statement of owners equity is a financial statement.It is an amount which is invested by the…

Answered: CRANE COMPANY Owner's Equity Statement

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 75APSA: Note Payable and Accrued Interest Fairbome Company borrowed $60,000 on an 8%, interest-bearing note...

See similar textbooks

Similar questions

Problem 16-18 (IAA) Emerald Company reported net income for 2021 at P1,550,000 before any adjustments. Upon inspection of the records, the following facts we.e discovered for the year ended December 31, 2021. A fire insurance premium of P40,000 was paid and charged as insurance expense for 2021. The fire insurance policy covers one year from April 1, 2021. Inventory on January 1, 2021 was understated by P80,000. Inventory on December 31, 2021 was understated by P120,000. Taxes of P60,000 for the fourth quarter of 2021 were paid on January 20, 2022 and charged as expense of 2022. On December 5, 2021 a cash advance of P100,000 by a customer was received for goods to be delivered in January, 2022. The amount of P100,000 was credited to sales. What amount should be reported as net income for 2021? a. 1,440,000 þ. 1,470,000 c. .1,540,000 d. 1,600,000
2020 2019 Receivable from Construction contract Costs incurred each year. Construction in progress Partial billings on contract Collection each year P252,000 P240,000 460,800 292,800 873,600 240,000 720,000 2,167,000 8. The gross profit recognize from the long term construction contract is: 2019 2020 a. P52,800 P52,800 P547,200 b. P40,800 P240,000 C. d. P40,800 P307,200 P120,000
Bonita Company purchaseda new plant asset on April 1, 2020, at a cost of $738,000. It was estimated to have a service life of 20 years and a salvage value of $53,400. Bonita' accounting period is the calendar year. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, eg. 45,892.) Depreciation for 2020 24 Depreciation for 2021 %24 eTextbook and Media Compute the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to 0 decimal places, eg. 45,892.) Depreciation for 2020 %24
How much should Thelma report as net investment in lease on December 31, 2022 statement of financial position? a. P 291,049 b. P 320,154 c. P 321, 049 d. P 331, 049 please explain the answer and provide the solution in good accounting form.
Produc 13 Payne Oil Company began operations during 2019. The following information is as of 12/31/19 and early 2020. Expense lifting costs as lease operating expense. Transactions, 2019 Lease A Lease B Lease C *a. Acquisition costs of unde- veloped leases (1/8 RI) $ 60,000 $ 30,000 $ 40,000 90,000 *b. G&G costs 60,000 50,000 *c. Drilling costs d. Drilling results: 200,000 230,000 Drilling completed; dry 250,000 Drilling not completed Drilling completed 700,000 bbl 300,000 bbl (as of 12/31) Proved reserves Proved developed reserves e. Production f. Lifting costs December 31 10,000 bbl $ 250,000 Recorded DD&A Impaired lease 40% g. Transactions, 2020 h. Assume on January 2 of the second year (2020) that disaster struck both Lease A and Lease B. Give the entries to record abandonment of Lease A and Lease B. Assume equipment costing $15,000 was salvaged from Lease A. Assume this is not a post-balance sheet event that would give rise to changes in the balance sheets or income statements of…
Jacquiline is unmarried and age 32. Even though she participates in an employer sponsored retirement plan, Jacquiline contributed $3,000 to a traditional IRA during the year. Jacquiline files as a head of household, her AGI before the contribution is $43,000, and her marginal tax rate is 12 percent. (Use Exhibit 13-8) What is the after-tax cost of her $3,000 traditional IRA contribution? After-tax cost $ 2,350
View Policies Current Attempt in Progress Monty Engineering purchases a patent for R$139,200 on January 2, 2025. Its estimated useful life is 8 years. (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit (b) Show how this patent is reported on the statement of financial position at the end of the first year. MONTY ENGINEERING Statement of Financial Position (Partial) R$ Credit
5
Construction Companies: NASS Construction Group 2021 The following are extracts from the NASS Construction Group 2021 Financial statements 10 CONTRACT ASSETS 31 December 2021 31 December 2020 300,133 Cost incurred plus attributable profits on contracts-in-progress Progress billings made towards contracts-in-progress 264,569 (241,027) (262,815) 23,542 37,318 Allowance for impairment losses (850) (1,082) 22,692 36,236 15 CONTRACT LIABLITIES 31 December 2021 31 December 2020 Progress billings received and receivable 16,874 Costs incurred plus recognised profits on contracts-in-progress 31,227 (23,096) (4,150) 12,724 8,131 (a) With reference to the NASS Construction Group 2021 Financial statements, explain how contract revenue is measured in a construction company. (b) With reference to the above extract, explain contract assets and contract liabilities and their components shown in the above extracts
6
Accounting On December 31,2020 the account for Shane Oil Company's individually insignificant unproved properties had a balance of $600,000. The impairment allowance account had a balance of $100,000. Required Give the entries for each of the following transactions occurring in 2020 and 2021 (all transactions concern individually Insignificant unproved leases) a.Assuming Shane has a policy of maintaining a 60% allowance, i.e. 60% of gross unproved properties, give the entry to record impairment on December 31, 2020 b.During 2021 Shane surrendered leases that cost $200,000. c.During 2021,leases that cost $40,000 were proved d.Give the entry to record impairment on December 31, 2021.
Subject:

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

SEE MORE TEXTBOOKS