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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ekkarill92 answered 1 year ago

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