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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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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