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The following selected accounts from Crane Corp 2021 Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Cost of goods sold Depreciation expense $82,320 124,320 481,320 10,080 252,000 1,617,000 233.520 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales Statement of Income (Multiple-step) $1,397,760 110,880 107,520 314,160 37,800 567,840 773,640 3,343,200

The following selected accounts from Crane Corp 2021 Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Cost of goods sold Depreciation expense $82,320 124,320 481,320 10,080 252,000 1,617,000 233.520 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales Statement of Income (Multiple-step) $1,397,760 110,880 107,520 314,160 37,800 567,840 773,640 3,343,200

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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The following selected accounts from Crane Corporation's general ledger are presented below for the year ended December 31 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Cost of goods sold Depreciation expense $82,320 124,320 481.320 10,080 252,000 1,617,000 233,520 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales Statement of Income (Multiple-step) $1,397,760 110,880 107,520 314,160 37,800 567,840 773.640 3,343,200
Transcribed Image Text:The following selected accounts from Crane Corporation's general ledger are presented below for the year ended December 31 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Cost of goods sold Depreciation expense $82,320 124,320 481.320 10,080 252,000 1,617,000 233,520 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales Statement of Income (Multiple-step) $1,397,760 110,880 107,520 314,160 37,800 567,840 773.640 3,343,200
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