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 $101.920 153,920 595,920 12.480 312,000 2,002,000 289,120 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales $1,730,560 137.280 133,120 388,960 46,800 703.040 957,840 4,139,200
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 $101.920 153,920 595,920 12.480 312,000 2,002,000 289,120 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales $1,730,560 137.280 133,120 388,960 46,800 703.040 957,840 4,139,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Prepare a multiple-step statement of income.
CRANE CORPORATION
Statement of Income (Multiple-step)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27c9ffc8-caf5-4a01-9236-94db3faf410c%2Fbb5627fd-feca-4fe8-af45-9fb34fe238b7%2Fo9tg2y_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare a multiple-step statement of income.
CRANE CORPORATION
Statement of Income (Multiple-step)
![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
$101.920
153,920
595,920
12.480
312.000
2,002.000
289,120
Equipment
Income tax expense
Insurance expense
Inventory
Prepaid expenses
Retained earnings
Salaries expense
Sales
$1,730,560
137,280
133,120
388,960
46,800
703,040
957,840
4,139,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27c9ffc8-caf5-4a01-9236-94db3faf410c%2Fbb5627fd-feca-4fe8-af45-9fb34fe238b7%2F1z1p6zt_processed.jpeg&w=3840&q=75)
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
$101.920
153,920
595,920
12.480
312.000
2,002.000
289,120
Equipment
Income tax expense
Insurance expense
Inventory
Prepaid expenses
Retained earnings
Salaries expense
Sales
$1,730,560
137,280
133,120
388,960
46,800
703,040
957,840
4,139,200
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