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The following balances were taken from the books of Crane Corp. on December 31, 2025. Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Building Cost of goods sold $121,400 72,400 1,933,000 211,000 29,000 211,000 10,800 64,000 141,000 281,000 197,000 870,400 Accumulated depreciation-equipment Accumulated depreciation-building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $57,000 40,200 218,000 272,600 239,000 141,000 136,800 45,800 85,000 141,000 211,000 701,000 30,400 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, eg. 1.48. List other revenues and gains before other expenses and losses.)

The following balances were taken from the books of Crane Corp. on December 31, 2025. Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Building Cost of goods sold $121,400 72,400 1,933,000 211,000 29,000 211,000 10,800 64,000 141,000 281,000 197,000 870,400 Accumulated depreciation-equipment Accumulated depreciation-building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $57,000 40,200 218,000 272,600 239,000 141,000 136,800 45,800 85,000 141,000 211,000 701,000 30,400 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, eg. 1.48. List other revenues and gains before other expenses and losses.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following balances were taken from the books of Crane Corp. on December 31, 2025. Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Building Cost of goods sold $121,400 72,400 1,933,000 211,000 29,000 211,000 10,800 64,000 141,000 281,000 197,000 870,400 Accumulated depreciation-equipment Accumulated depreciation-building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $57,000 40,200 218,000 272,600 239,000 141,000 CRANE CORP. Income Statement 136,800 45,800 85,000 141,000 211,000 701,000 30,400 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48. List other revenues and gains before other expenses and losses.)
Transcribed Image Text:The following balances were taken from the books of Crane Corp. on December 31, 2025. Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Building Cost of goods sold $121,400 72,400 1,933,000 211,000 29,000 211,000 10,800 64,000 141,000 281,000 197,000 870,400 Accumulated depreciation-equipment Accumulated depreciation-building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $57,000 40,200 218,000 272,600 239,000 141,000 CRANE CORP. Income Statement 136,800 45,800 85,000 141,000 211,000 701,000 30,400 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48. List other revenues and gains before other expenses and losses.)
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Transcribed Image Text:A Incama Statamtam CRANE CORP >> > > > Den venta epistemo mire turphap bes AUMENTAR A Principl
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