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Prepare a classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Equipment and Furniture.) CRANE COMPANY Balance Sheet Assets

Prepare a classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Equipment and Furniture.) CRANE COMPANY Balance Sheet Assets

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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Prepare a classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Equipment and Furniture.) CRANE COMPANY Balance Sheet Assets لالالالاليا
Transcribed Image Text:Prepare a classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Equipment and Furniture.) CRANE COMPANY Balance Sheet Assets لالالالاليا
An alphabetical list of Crane Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances. Accounts payable Accumulated depreciation-equipment Accumulated depreciation-furniture Cash Cost of goods sold Depreciation expense Equipment Furniture. Insurance expense Interest expense Interest payable Merchandise inventory Cost of goods sold Depreciation expense Equipment Furniture Insurance expense Interest expense Interest payable Merchandise inventory Additional information: $15,500 14,000 17,500 27,165 272,545 7,010 35,000 42.000 3,575 1,620 615 71,250 Notes payable Prepaid insurance R. Johnson, capital R. Johnson, drawings Rent expense Salaries expense Salaries payable Sales Sales returns and allowances Supplies Supplies expense Unearned revenue 272,545 7,010 35,000 42,000 3,575 1,620 615 71,250 $42,000 575 Sales 65,750 72,000 24,800 50,400 2,250 470,000 15,000 950 6,325 2,600 Rent expense Salaries expense Salaries payable Sales returns and allowances Supplies Supplies expense Unearned revenue 1. Of the notes payable, $6,400 becomes due on February 17, 2025. The balance is due in 2026. 2. On July 18, 2024, R. Johnson invested $3,800 cash in the business. 47 1 6, 2,
Transcribed Image Text:An alphabetical list of Crane Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances. Accounts payable Accumulated depreciation-equipment Accumulated depreciation-furniture Cash Cost of goods sold Depreciation expense Equipment Furniture. Insurance expense Interest expense Interest payable Merchandise inventory Cost of goods sold Depreciation expense Equipment Furniture Insurance expense Interest expense Interest payable Merchandise inventory Additional information: $15,500 14,000 17,500 27,165 272,545 7,010 35,000 42.000 3,575 1,620 615 71,250 Notes payable Prepaid insurance R. Johnson, capital R. Johnson, drawings Rent expense Salaries expense Salaries payable Sales Sales returns and allowances Supplies Supplies expense Unearned revenue 272,545 7,010 35,000 42,000 3,575 1,620 615 71,250 $42,000 575 Sales 65,750 72,000 24,800 50,400 2,250 470,000 15,000 950 6,325 2,600 Rent expense Salaries expense Salaries payable Sales returns and allowances Supplies Supplies expense Unearned revenue 1. Of the notes payable, $6,400 becomes due on February 17, 2025. The balance is due in 2026. 2. On July 18, 2024, R. Johnson invested $3,800 cash in the business. 47 1 6, 2,
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