Multi-step Income Statements The adjusted trial balance of Crane Distributors on December 31, 2013 is shown below. CRANE DISTRIBUTORS Adjusted Trial Balance December 31, 2013 Debit $16,720 121,220 92,400 2,640 7,040 88,000 Cash Accounts Receivable Inventory Prepaid Insurance Supplies Delivery Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Supplies Expense Utilities Expense Depreciation Expense Insurance Expense Income Tax Expense. Totals 564,740 129,800 Credit $38,500 77,000 110,000 46,200 864,380 44,000 9,240 4,400 17,600 5,280 33,000 $1,136,080 $1,136,080
Multi-step Income Statements The adjusted trial balance of Crane Distributors on December 31, 2013 is shown below. CRANE DISTRIBUTORS Adjusted Trial Balance December 31, 2013 Debit $16,720 121,220 92,400 2,640 7,040 88,000 Cash Accounts Receivable Inventory Prepaid Insurance Supplies Delivery Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Supplies Expense Utilities Expense Depreciation Expense Insurance Expense Income Tax Expense. Totals 564,740 129,800 Credit $38,500 77,000 110,000 46,200 864,380 44,000 9,240 4,400 17,600 5,280 33,000 $1,136,080 $1,136,080
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Sorry for Crane income statement it didn’t fit in a the page.
But it says:
Prepare a multi-step income expenses into one line on the income statement for selling, general and administrative expenses.

Transcribed Image Text:Topic: Discussion Question #1
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Business Course
https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=6783005&cmid=
X
Sales Revenue
Cost of Goods Sold
Ch 4 Problems
Gross profit on sales
Prepare a multi-step income statement for the year ended December 31, 2013. Combi
administrative expenses.
Note: Do not use negative signs with your answers.
CRANE DISTRIBUTORS
Income Statement
For the Year Ended December 31
Return to course
Operating expenses
Selling, General and Administrative Expenses
Income before income taxes
Income Tax Expense
Net Income
Type here to search
+
✔
= ✔
$
$
864,380✔
(564,740) *
299,640✔
Ch 6 Problems
(210,320) *
89,320✔
(33,000) *
56,320
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Transcribed Image Text:C
Topic: Discussion Question #1
Business Course
Question 2 Partially correct
Cash
Accounts Receivable
Inventory
Prepaid Insurance
Supplies
Delivery Equipment
Accumulated Depreciation/
Accounts Payable
Common Stock
Retained Earnings
Sales Revenue
Cost of Goods Sold
Salaries Expense
Rent Expense
Supplies Expense
Utilities Expense
ESC
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Depreciation Expense
Insurance Expense
Income Tax Expense
Totals
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https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=6783005&cmid=362911
101
Multi-step Income Statements The adjusted trial balance of Crane Distributors on December 31, 2013 is shown below.
CRANE DISTRIBUTORS
Adjusted Trial Balance
December 31, 2013
Debit
$16,720
121,220
92,400
2,640
7,040
88,000
Type here to search
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Ch 4 Problems
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564,740
129,800
44,000
9,240
4,400
17,600
5,280
33,000
$1,136,080 $1,136,080
Credit
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$38,500
77,000
110,000
46,200
864,380
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