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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Please do not give solution in image format thanku 

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,
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education