You are provided with the following information for Crane Company, effective as of its April 30, 2025, year-end. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land $838 910 560 1,330 16,800 1,050 Mortgage payable (long-term) Notes payable (short-term) Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable 375 310 2,490 1,800 160 130 380 550 950 13,925 3,000 Sales revenue Stock investments (short-term) 4,100 62 50 2,000 800 290 5,000 1,700
You are provided with the following information for Crane Company, effective as of its April 30, 2025, year-end. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land $838 910 560 1,330 16,800 1,050 Mortgage payable (long-term) Notes payable (short-term) Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable 375 310 2,490 1,800 160 130 380 550 950 13,925 3,000 Sales revenue Stock investments (short-term) 4,100 62 50 2,000 800 290 5,000 1,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![You are provided with the following information for Crane Company, effective as of its April 30, 2025, year-end.
Accounts payable
Accounts receivable
Accumulated depreciation-equipment
Cash
Common stock
Cost of goods sold
Depreciation expense
Dividends
Equipment
Goodwill
Income tax expense
Income taxes payable
Insurance expense
Interest expense
Inventory
Investment in land
Land
$ 838
(21)
910
560
1,330
16,800
1,050
Mortgage payable (long-term)
Notes payable (short-term)
Prepaid insurance
Retained earnings (beginning)
Salaries and wages expense
Salaries and wages payable
375
310
2,490
1,800
160
130
380
550
950
13,925
3,000
Sales revenue
Stock investments (short-term)
4,100
62
50
2,000
800
290
5,000
1,700](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F05136949-0414-47eb-a73e-74f55563dd77%2Fbeca62e6-ef38-4ef5-bdb1-f58b48f92257%2Fvx4lpqs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You are provided with the following information for Crane Company, effective as of its April 30, 2025, year-end.
Accounts payable
Accounts receivable
Accumulated depreciation-equipment
Cash
Common stock
Cost of goods sold
Depreciation expense
Dividends
Equipment
Goodwill
Income tax expense
Income taxes payable
Insurance expense
Interest expense
Inventory
Investment in land
Land
$ 838
(21)
910
560
1,330
16,800
1,050
Mortgage payable (long-term)
Notes payable (short-term)
Prepaid insurance
Retained earnings (beginning)
Salaries and wages expense
Salaries and wages payable
375
310
2,490
1,800
160
130
380
550
950
13,925
3,000
Sales revenue
Stock investments (short-term)
4,100
62
50
2,000
800
290
5,000
1,700
![Revenues
Sales Revenue
Expenses
Cost of Goods Sold
Depreciation Expense
Insurance Expense
Interest Expense
Salaries and Wages Expense
Income Tax Expense
Total Expenses
W
Total Revenues
-
4
CRANE COMPANY
Income Statement
For the Year Ended April 30, 2025
ta
1050
375
380
550
800
160
i
i
i
put
i
i
LA
5000
3315
7973](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F05136949-0414-47eb-a73e-74f55563dd77%2Fbeca62e6-ef38-4ef5-bdb1-f58b48f92257%2Fqp0x0g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Revenues
Sales Revenue
Expenses
Cost of Goods Sold
Depreciation Expense
Insurance Expense
Interest Expense
Salaries and Wages Expense
Income Tax Expense
Total Expenses
W
Total Revenues
-
4
CRANE COMPANY
Income Statement
For the Year Ended April 30, 2025
ta
1050
375
380
550
800
160
i
i
i
put
i
i
LA
5000
3315
7973
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