Crane had the following account balances at December 31, 2023: Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment $24,000 Accumulated Depreciation, Equipment 25,000 Wages Payable 50,000 Accounts Payable 3,000 Common Shares Retained Earnings 46,500 75,000 25,000 6,000 50,000 75,000 67,500

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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9.
10.
11.
Crane had the following account balances at December 31, 2023:
12.
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Inventory
Equipment
1.
2.
3.
4.
5.
6.
7.
8.
$24,000 Accumulated Depreciation, Equipment
25,000
50.000
During 2024, the following transactions occurred:
Sales of paninis for cash were $661,000, and sales of paninis on account were $60,000.
Purchases of ingredients were $178,000, all on account.
Collections from customers for sales on account totalled $18,300.
The company paid $45,800 for utilities expenses.
Ingredients with a cost of $200,000 were used in paninis that were sold.
Payments for ingredients purchased on account totalled $224,000.
The company paid $96,600 for wages.
A dividend of $35,600 was declared and paid at the end of the year.
Information for adjusting entries:
3.000
46,500
75,000
Information for adjusting entries:
Current Assets
Wages Payable
Accounts Payable
Common Shares
Retained Earnings
I
25,000
6,000
CRANE
Statement of Financial Position
For the Year Ended December 31, 2024 #
50,000
The balance in the Supplies account at the end of 2024 was $1,200.
Wages owed to employees at the end of 2024 were $3,560.
At the end of 2024, the account balance in Prepaid Insurance was $1,500.
The equipment had an estimated useful life of eight years with a residual value of $3,000.
Assets
75,000
Prepare a classified statement of financial position for 2024. (List Current Assets in order of liquidity.)
67,500
Transcribed Image Text:9. 10. 11. Crane had the following account balances at December 31, 2023: 12. Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 1. 2. 3. 4. 5. 6. 7. 8. $24,000 Accumulated Depreciation, Equipment 25,000 50.000 During 2024, the following transactions occurred: Sales of paninis for cash were $661,000, and sales of paninis on account were $60,000. Purchases of ingredients were $178,000, all on account. Collections from customers for sales on account totalled $18,300. The company paid $45,800 for utilities expenses. Ingredients with a cost of $200,000 were used in paninis that were sold. Payments for ingredients purchased on account totalled $224,000. The company paid $96,600 for wages. A dividend of $35,600 was declared and paid at the end of the year. Information for adjusting entries: 3.000 46,500 75,000 Information for adjusting entries: Current Assets Wages Payable Accounts Payable Common Shares Retained Earnings I 25,000 6,000 CRANE Statement of Financial Position For the Year Ended December 31, 2024 # 50,000 The balance in the Supplies account at the end of 2024 was $1,200. Wages owed to employees at the end of 2024 were $3,560. At the end of 2024, the account balance in Prepaid Insurance was $1,500. The equipment had an estimated useful life of eight years with a residual value of $3,000. Assets 75,000 Prepare a classified statement of financial position for 2024. (List Current Assets in order of liquidity.) 67,500
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