Question

The adjusted trial balance for Crane Company is shown below. CRANE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,500 $10,500 Accounts Receivable 8,500 9,500 Supplies 2,400 600 Prepaid Insurance 3,700 2,500 Equipment 12,800 12,800 Accumulated Depreciation-Equipment $ 3,700 $ 4,600 Accounts Payable 5,700 5,700 Salaries and Wages Payable 0 1,300 Unearned Rent Revenue 1,300 600 Owner’s Capital 14,000 14,000 Service Revenue 34,000 35,000 Rent Revenue 10,900 11,600 Salaries and Wages Expense 16,800 18,100 Supplies Expense 0 1,800 Rent Expense 14,900 14,900 Insurance Expense 0 1,200 Depreciation Expense 0 900 $69,600 $69,600 $72,800 $72,800 Prepare the owner’s equity statement for the year. CRANE COMPANY Owner’s Equity Statement $ : $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the balance sheet at August 31. (List Assets in order of liquidity.) CRANE COMPANY Balance Sheet Assets $ $ : $ Liabilities and Owner’s Equity $ $

Prepare the owner’s equity statement for the year. CRANE COMPANY Owner’s Equity Statement For the Year Ended August 31, 2020August 31, 2020For the Month Ended August 31, 2020 DrawingsExpensesInvestmentNet Income / (Loss)Owner’s Capital, September 1, 2019Owner’s Capital, August 31, 2020RevenuesTotal ExpensesTotal Revenues $ AddLess : DrawingsExpensesInvestmentNet Income / (Loss)Owner’s Capital, September 1, 2019Owner’s Capital, August 31, 2020RevenuesTotal ExpensesTotal Revenues DrawingsExpensesInvestmentNet Income / (Loss)Owner’s Capital, September 1, 2019Owner’s Capital, August 31, 2020RevenuesTotal ExpensesTotal Revenues $ SHOW LIST OF ACCOUNTS LINK TO TEXT

Prepare the balance sheet at August 31. (List Assets in order of liquidity.) CRANE COMPANY Balance Sheet For the Month Ended August 31, 2020August 31, 2020For the Year Ended August 31, 2020 Assets $ $ AddLess :                      Current Assets    Liabilities    Expenses    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Revenues    Owner’s Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Expenses    Total Intangible Assets    Total Liabilities    Total Liabilities and Owner’s Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Revenues    Total Owner’s Equity     $ Liabilities and Owner’s Equity Current AssetsLiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Owner’s Equity      $                        Current Assets    Liabilities    Expenses    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Revenues    Owner’s Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Expenses    Total Intangible Assets    Total Liabilities    Total Liabilities and Owner’s Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Revenues    Total Owner’s Equity     Current AssetsLiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Owner’s Equity                   Current Assets    Liabilities    Expenses    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Revenues    Owner’s Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Expenses    Total Intangible Assets    Total Liabilities    Total Liabilities and Owner’s Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Revenues    Total Owner’s Equity     $

Answer 1

CRANE COMPANY
Owner’s Equity Statement
For the Year Ended August 31, 2020
				$
Owner’s Capital, September 1, 2019				14000
Add:Net income/(loss)			(Note:1)	9700
Owner’s Capital, August 31, 2020				23700
Note:1
Net income/(loss):-
				$	$
Revenues:
Service revenue				35000
Rent revenue				11600
Total revenues					46600
Less:Expesnes
Salaries and Wages Expense				18100
Supplies Expense				1800
Rent Expense				14900
Insurance Expense				1200
Depreciation Expense				900	36900
Net income					9700
CRANE COMPANY
Balance Sheet
For the Year Ended August 31, 2020
				$	$
		Assets
Current Assets:
Cash				10500
Accounts Receivable				9500
Supplies				600
Prepaid Insurance				2500
Total current Assets					23100
Property, Plant and Equipment:
Equipment				12800
Less:Accumulated Depreciation-Equipment				4600	8200
Total assets					31300
	Liabilities and Owner’s Equity
Current Liabilities:
Accounts Payable				5700
Salaries and Wages Payable				1300
Unearned Rent Revenue				600
Total Current Liabilities					7600
Owner’s Equity:
Owner’s Capital					23700
Total liabilities and Owner’s Equity					31300