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In: Accounting

Presented below is the trial balance of Crane Corporation at December 31, 2020. Debit Credit Cash...

Presented below is the trial balance of Crane Corporation at December 31, 2020.

Debit

Credit

Cash

$   198,500

Sales

$ 8,104,040

Debt Investments (trading) (at cost, $145,000)

157,040

Cost of Goods Sold

4,800,000

Debt Investments (long-term)

300,500

Equity Investments (long-term)

278,500

Notes Payable (short-term)

94,040

Accounts Payable

459,040

Selling Expenses

2,004,040

Investment Revenue

66,950

Land

264,040

Buildings

1,041,500

Dividends Payable

137,500

Accrued Liabilities

100,040

Accounts Receivable

439,040

Accumulated Depreciation-Buildings

152,000

Allowance for Doubtful Accounts

29,040

Administrative Expenses

903,950

Interest Expense

214,950

Inventory

598,500

Gain

83,950

Notes Payable (long-term)

901,500

Equipment

604,040

Bonds Payable

1,001,500

Accumulated Depreciation-Equipment

60,000

Franchises

160,000

Common Stock ($5 par)

1,004,040

Treasury Stock

195,040

Patents

195,000

Retained Earnings

79,500

Paid-in Capital in Excess of Par

81,500

        Totals

$12,354,640

$12,354,640


Prepare a balance sheet at December 31, 2020, for Crane Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

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Expert Solution

ekkarill92 answered 1 year ago
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