Crane Limited is a private company reporting under ASPE. Its comparative balance sheet at December 31 is as follows:

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Crane Limited is a private company reporting under ASPE. Its comparative balance sheet at December 31 is as follows:
Assets
Cash
Accounts receivable
Inventory
Prepaid insurance
Equipment
Accumulated depreciation
Total assets
CRANE LIMITED
Balance Sheet
December 31
2024
$117,420
772,500
515,000
18,540
Liabilities and Shareholders' Equity
Accounts payable
Salaries payable
Interest payable
Notes payable
Common shares
Retained earnings
Total liabilities and shareholders' equity $2,350,460
$ 232,780
30,900
26,780
515,000
618,000
2023
927,000
$87,550
618,000
1,287,500 1,030,000
(360,500)
(288,400)
$2,350,460
$1,812,800
339,900
25,750
$206,000
41,200
20,600
360,500
412,000
772,500
$1,812,800
Transcribed Image Text:Crane Limited is a private company reporting under ASPE. Its comparative balance sheet at December 31 is as follows: Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Total assets CRANE LIMITED Balance Sheet December 31 2024 $117,420 772,500 515,000 18,540 Liabilities and Shareholders' Equity Accounts payable Salaries payable Interest payable Notes payable Common shares Retained earnings Total liabilities and shareholders' equity $2,350,460 $ 232,780 30,900 26,780 515,000 618,000 2023 927,000 $87,550 618,000 1,287,500 1,030,000 (360,500) (288,400) $2,350,460 $1,812,800 339,900 25,750 $206,000 41,200 20,600 360,500 412,000 772,500 $1,812,800
Additional information:
Profit for 2024 was $206,000.
Equipment was purchased during the year. No equipment was sold.
3. Cash dividends were paid to the common shareholders during the year.
1.
2.
Prepare the cash flow statement using the indirect method. (Show amounts that deurauite cash flow with either a-sign e.g.-15,000 or in
parenthesis eg. (15,000))
Operating Activities
Profit for the Year
Adjustments to reconcile profit to
CRANE LIMITED
Cash Flow Statement-Indirect Method
Year Ended December 31, 2024 V
$
inl
Transcribed Image Text:Additional information: Profit for 2024 was $206,000. Equipment was purchased during the year. No equipment was sold. 3. Cash dividends were paid to the common shareholders during the year. 1. 2. Prepare the cash flow statement using the indirect method. (Show amounts that deurauite cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000)) Operating Activities Profit for the Year Adjustments to reconcile profit to CRANE LIMITED Cash Flow Statement-Indirect Method Year Ended December 31, 2024 V $ inl
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