These financial statement items are for Crane Corporation at year-end, July 31, 2022. Salaries and wages payable $ 3,980 Salaries and wages expense 58,900 Supplies expense 16,800 Equipment 20,400 Accounts payable 4,100 Service revenue 67,500 Rent revenue 9,700 Notes payable (due in 2025) 3,000 Common stock 16,000 Cash 30,300 Accounts receivable 10,980 Accumulated depreciation—equipment 7,700 Dividends 4,000 Depreciation expense 5,700 Retained earnings (beginning of the year) 35,100 Prepare a retained earnings statement for the year. Crane Corporation did not issue any new stock during the year.
These financial statement items are for Crane Corporation at year-end, July 31, 2022. Salaries and wages payable $ 3,980 Salaries and wages expense 58,900 Supplies expense 16,800 Equipment 20,400 Accounts payable 4,100 Service revenue 67,500 Rent revenue 9,700 Notes payable (due in 2025) 3,000 Common stock 16,000 Cash 30,300 Accounts receivable 10,980 Accumulated depreciation—equipment 7,700 Dividends 4,000 Depreciation expense 5,700 Retained earnings (beginning of the year) 35,100 Prepare a retained earnings statement for the year. Crane Corporation did not issue any new stock during the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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These financial statement items are for Crane Corporation at year-end, July 31, 2022.
Salaries and wages payable $ 3,980
Salaries and wages expense 58,900
Supplies expense 16,800
Equipment 20,400
Accounts payable 4,100
Service revenue 67,500
Rent revenue 9,700
Notes payable (due in 2025) 3,000
Common stock 16,000
Cash 30,300
Dividends 4,000
Depreciation expense 5,700
Prepare a retained earnings statement for the year. Crane Corporation did not issue any new stock during the year.
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