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The following selected accounts from Crane Corporation's general ledger are for the year ended December 31, 2025. Accounts receivable Accumulated depreciation-equipment Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Equipment Freight-out Income tax expense Insurance expense Interest expense Interest revenue Inventory Prepaid expenses Rent revenue Retained earnings Salaries and wages expense Sales revenue Unearned sales revenue $252,000 769,500 55.900 270,000 1,170,000 130,500 156,500 1,430,000 24,300 72,000 23,500 61,400 31,000 96,000 30,100 24,000 531,000 700,000 2,571,000 20,000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.)

The following selected accounts from Crane Corporation's general ledger are for the year ended December 31, 2025. Accounts receivable Accumulated depreciation-equipment Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Equipment Freight-out Income tax expense Insurance expense Interest expense Interest revenue Inventory Prepaid expenses Rent revenue Retained earnings Salaries and wages expense Sales revenue Unearned sales revenue $252,000 769,500 55.900 270,000 1,170,000 130,500 156,500 1,430,000 24,300 72,000 23,500 61,400 31,000 96,000 30,100 24,000 531,000 700,000 2,571,000 20,000 Prepare a multiple-step income statement. (List Other revenue 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 selected accounts from Crane Corporation's general ledger are for the year ended December 31, 2025. Accounts receivable Accumulated depreciation-equipment Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Equipment Freight-out Income tax expense Insurance expense Interest expense Interest revenue Inventory Prepaid expenses Rent revenue Retained earnings Salaries and wages expense Sales revenue Unearned sales revenue $252,000 769,500 55.900 270,000 1,170,000 130,500 156.500 1,430,000 24,300 72,000 23,500 61,400 31,000 96,000 30,100 24,000 531,000 700.000 2,571,000 20,000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.)
Transcribed Image Text:The following selected accounts from Crane Corporation's general ledger are for the year ended December 31, 2025. Accounts receivable Accumulated depreciation-equipment Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Equipment Freight-out Income tax expense Insurance expense Interest expense Interest revenue Inventory Prepaid expenses Rent revenue Retained earnings Salaries and wages expense Sales revenue Unearned sales revenue $252,000 769,500 55.900 270,000 1,170,000 130,500 156.500 1,430,000 24,300 72,000 23,500 61,400 31,000 96,000 30,100 24,000 531,000 700.000 2,571,000 20,000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.)
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