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he ledger of Crane Corporation at November 30, 2024, contains the following summary data: Cash dividends- common Cash dividends- preferred Common shares Cost of goods sold Depreciation expense Sales 1. 2. $66,000 Operating expenses 3. 25,000 321,000 7,300,000 352,000 9,022,000 Other comprehensive income-loss on equity investments (before income tax) Rent revenue our analysis reveals the following additional information: Preferred shares ($5 noncumulative) Retained earnings, December 1, 2023 $1,112,000 82,000 50,000 392,000 743,000 The company has a 25% income tax rate. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $17,400 before income tax. The division was sold at a loss of $76,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year.

he ledger of Crane Corporation at November 30, 2024, contains the following summary data: Cash dividends- common Cash dividends- preferred Common shares Cost of goods sold Depreciation expense Sales 1. 2. $66,000 Operating expenses 3. 25,000 321,000 7,300,000 352,000 9,022,000 Other comprehensive income-loss on equity investments (before income tax) Rent revenue our analysis reveals the following additional information: Preferred shares ($5 noncumulative) Retained earnings, December 1, 2023 $1,112,000 82,000 50,000 392,000 743,000 The company has a 25% income tax rate. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $17,400 before income tax. The division was sold at a loss of $76,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year.

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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The ledger of Crane Corporation at November 30, 2024, contains the following summary data: Cash dividends- common Cash dividends- preferred Common shares Cost of goods sold Depreciation expense Sales 1. 2. $66,000 Operating expenses 3. 25,000 321,000 7,300,000 352,000 9,022,000 Other comprehensive income-loss on equity investments (before income tax) Rent revenue Your analysis reveals the following additional information: Preferred shares ($5 noncumulative) Retained earnings, December 1, 2023 $1,112,000 82,000 50,000 392,000 743,000 The company has a 25% income tax rate. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $17,400 before income tax. The division was sold at a loss of $76,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year.
Transcribed Image Text:The ledger of Crane Corporation at November 30, 2024, contains the following summary data: Cash dividends- common Cash dividends- preferred Common shares Cost of goods sold Depreciation expense Sales 1. 2. $66,000 Operating expenses 3. 25,000 321,000 7,300,000 352,000 9,022,000 Other comprehensive income-loss on equity investments (before income tax) Rent revenue Your analysis reveals the following additional information: Preferred shares ($5 noncumulative) Retained earnings, December 1, 2023 $1,112,000 82,000 50,000 392,000 743,000 The company has a 25% income tax rate. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $17,400 before income tax. The division was sold at a loss of $76,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year.
Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, e.g. 15.25.) CRANE CORPORATION Income Statement Year Ended November 30, 2024 Sales Cost of Goods Sold Show Transcribed Text G $ $ 9,022,000 7,300,000 1,722,000
Transcribed Image Text:Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, e.g. 15.25.) CRANE CORPORATION Income Statement Year Ended November 30, 2024 Sales Cost of Goods Sold Show Transcribed Text G $ $ 9,022,000 7,300,000 1,722,000
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