On June 1, 2022, Crane Company was started with an initial investment in the company of $19,500 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Cash $ 5,070 Notes payable $12,940 Accounts receivable 4,150 Accounts payable 650 Service revenue 7,800 Supplies expense 1,200 Supplies 2,305 Maintenance and repairs expense 700 Advertising expense 400 Utilities expense 200 Equipment 24,100 Salaries and wages expense 1,400 Common stock 19,500 During June, the company issued no additional stock but paid dividends of $1,365.
On June 1, 2022, Crane Company was started with an initial investment in the company of $19,500 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Cash $ 5,070 Notes payable $12,940 Accounts receivable 4,150 Accounts payable 650 Service revenue 7,800 Supplies expense 1,200 Supplies 2,305 Maintenance and repairs expense 700 Advertising expense 400 Utilities expense 200 Equipment 24,100 Salaries and wages expense 1,400 Common stock 19,500 During June, the company issued no additional stock but paid dividends of $1,365.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare a
Transcribed Image Text:CRANE COMPANY
Balance Sheet
Assets
Liabilities and Stockholders' Equity
%24
%24
%24
Transcribed Image Text:On June 1, 2022, Crane Company was started with an initial investment in the company of $19,500 cash. Here are the assets,
liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of
operations:
Cash
$ 5,070
Notes payable
$12,940
Accounts receivable
4,150
Accounts payable
650
Service revenue
7,800
Supplies expense
1,200
Supplies
2,305
Maintenance and repairs expense
700
Advertising expense
400
Utilities expense
200
Equipment
24,100
Salaries and wages expense
1,400
Common stock
19,500
During June, the company issued no additional stock but paid dividends of $1,365.
Expert Solution
Step 1
The balance sheet shows the company's total assets as well as how those assets are financed (debt or equity).
A balance sheet is a picture of your financial situation at a specific point in time, encompassing every journal entry since the time of its inception.
A balance sheet reflects:
- Assets accounts
- Liabilities accounts
- Equity accounts
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