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

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

FINANCIAL ACCOUNTING
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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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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