Crane Ltd. reported the following for the fiscal year 2021: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of land Profit before income tax Income tax expense Profit Additional information: 1. 2. 3. 4. CRANE LTD. Income Statement Year Ended September 30, 2021 5. 6. $ 109,000 34,000 (44,000) $583,000 338,000 245,000 99,000 146,000 36,500 $109,500 Accounts receivable decreased by $16,300 during the year. Inventory increased by $7,800 during the year. Prepaid expenses decreased by $5,800 during the year. Accounts payable to suppliers increased by $11,300 during the year. Accrued expenses payable increased by $5,300 during the year. Income tax payable decreased by $7,100 during the year.
Crane Ltd. reported the following for the fiscal year 2021: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of land Profit before income tax Income tax expense Profit Additional information: 1. 2. 3. 4. CRANE LTD. Income Statement Year Ended September 30, 2021 5. 6. $ 109,000 34,000 (44,000) $583,000 338,000 245,000 99,000 146,000 36,500 $109,500 Accounts receivable decreased by $16,300 during the year. Inventory increased by $7,800 during the year. Prepaid expenses decreased by $5,800 during the year. Accounts payable to suppliers increased by $11,300 during the year. Accrued expenses payable increased by $5,300 during the year. Income tax payable decreased by $7,100 during the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![CRANE LTD.
Cash Flow Statement (Partial)-Direct Method
$
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa1eb490d-276b-4dba-89f0-0aea9f156ecd%2Fc7502fe2-e4a0-4c61-88b2-d3bd8aaff2fd%2F8jxvbqr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:CRANE LTD.
Cash Flow Statement (Partial)-Direct Method
$
$
$
![Crane Ltd. reported the following for the fiscal year 2021:
Sales
Cost of goods sold
Gross profit
Operating expenses
Depreciation expense
Gain on sale of land
Profit before income tax
Income tax expense
Profit
Additional information:
1.
2.
CRANE LTD.
Income Statement
Year Ended September 30, 2021
3.
4.
5.
6.
$ 109,000
34,000
(44,000)
$583,000
338,000
245,000
99,000
146,000
36,500
$109,500
Accounts receivable decreased by $16,300 during the year.
Inventory increased by $7,800 during the year.
Prepaid expenses decreased by $5,800 during the year.
Accounts payable to suppliers increased by $11,300 during the year.
Accrued expenses payable increased by $5,300 during the year.
Income tax payable decreased by $7,100 during the year.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa1eb490d-276b-4dba-89f0-0aea9f156ecd%2Fc7502fe2-e4a0-4c61-88b2-d3bd8aaff2fd%2Fkeeun5_processed.png&w=3840&q=75)
Transcribed Image Text:Crane Ltd. reported the following for the fiscal year 2021:
Sales
Cost of goods sold
Gross profit
Operating expenses
Depreciation expense
Gain on sale of land
Profit before income tax
Income tax expense
Profit
Additional information:
1.
2.
CRANE LTD.
Income Statement
Year Ended September 30, 2021
3.
4.
5.
6.
$ 109,000
34,000
(44,000)
$583,000
338,000
245,000
99,000
146,000
36,500
$109,500
Accounts receivable decreased by $16,300 during the year.
Inventory increased by $7,800 during the year.
Prepaid expenses decreased by $5,800 during the year.
Accounts payable to suppliers increased by $11,300 during the year.
Accrued expenses payable increased by $5,300 during the year.
Income tax payable decreased by $7,100 during the year.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 3 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education