The following is a list of accounts, in alphabetical order, for Crane Ltd. at December 31, 2024. All accounts have a normal balance. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Deferred revenue Depreciation expense Dividends declared Equipment $3,900 8,900 6,400 24,400 9,800 4,600 4,400 6,900 14,800 Income tax expense Office expense Rent expense Retained earnings Salaries expense Salaries payable Service revenue Supplies Supplies expense Assets $ $1,220 6,800 4,400 $ 26,320 11,500 5,400 36,400 CRANE LTD. Statement of Financial Position 5,900 3,600 Liabilities and Shareholders' Equity $

The following is a list of accounts, in alphabetical order, for Crane Ltd. at December 31, 2024. All accounts have a normal balance. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Deferred revenue Depreciation expense Dividends declared Equipment $3,900 8,900 6,400 24,400 9,800 4,600 4,400 6,900 14,800 Income tax expense Office expense Rent expense Retained earnings Salaries expense Salaries payable Service revenue Supplies Supplies expense Assets $ $1,220 6,800 4,400 $ 26,320 11,500 5,400 36,400 CRANE LTD. Statement of Financial Position 5,900 3,600 Liabilities and Shareholders' Equity $

Name: The following is a list of accounts, in alphabetical order, for Crane
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Description: The following is a list of accounts, in alphabetical order, for Crane Ltd. at December 31, 2024. All accounts have a normal balance.Accounts payableAccounts receivableAccumulated depreciation-equipmentCashCommon sharesDeferred revenueDepreciation ex

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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Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable $ 25,960 Accounts Receivable 39,400 Accumulated depreciation, Equipment 10,740 Accumulated depreciation, Warehouse 21,480 Cash 8,600 Cash Dividends 19,800 Common Shares 114,000 Equipment 78,600 Income Tax Expense 40,800 Land 119,600 Notes Payable, due in 2026 33,800 Operating Expenses 109,400 Preferred Shares 39,400 Retained Earnings 27,920 Revenue 273,700 Warehouse 130,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company’s year-end. 2. Calculate the post-closing balance in Retained Earnings at December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.)
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