Homework Answers
| Crane Corporation | |
| Statement of Retained Earnings | |
| December 31, 2019 | |
| Retained earnings, beginning | 2,800,000 |
| Prior period adjustment | 60,000 |
| Correct retained earning balance | 2,860,000 |
| Net income | 800,000 |
| 3,660,000 | |
| Divided declared | -140,000 |
| Retained earnings, ending | $3,520,000 |
| Prior Period Adjustment | |
| Increase in net income before tax | 80,000 |
| Less: Income tax expense | -20,000 |
| Increase in net income | 60,000 |
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Current Attempt in Progress Crane Corporation is a private company in Canada following ASPE. On December...
Question 5 of 6 < > -/1 View Policies Current Attempt in Progress Crane Corporation reported...
Question 5 of 6 < > -/1 View Policies Current Attempt in Progress Crane Corporation reported the following for 2020: net sales $1.227,100, cost of goods sold $725,600, selling and administrative expenses $330,700, and an unrealized holding gain on available-for-sale debt securities $22.000. (a) Prepare a statement of comprehensive income using the one statement format. (ignore income taxes and earnings per share.) CRANE CORPORATION Statement of Comprehensive Income
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The Bridgeport Corporation, a private company, began operations on January 1, 2017. During its first three years of operations, Bridgeport reported net income and declared dividends as follows: Dividends declared 2017 2018 2019 Net income $50,000 139,000 159,000 50,000 50,000 The following information is for 2020: Income before income tax Correction of prior period error: understatement of 2018 depreciation expense (before tax) Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount,...
Question 17 --/1 View Policies Current Attempt in Progress The balance in retained earnings on January...
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Current Attempt in Progress and At December 31, 2019, Splish Corporation had the following stock outstanding...
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Please help these answers are wrong and this is for a grade!!! Crane Corporation began operations...
Please help these answers are wrong and this is for a
grade!!!
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Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net inco...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: 2017 2018 2019 Net income $47800 130500 167700 Dividends declared $-0- 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $28800 will be paid on Jan. 15,...
The information below relates to the operations of Crane Corporation, a private company following ASPE, for...
The information below relates to the operations of Crane Corporation, a private company following ASPE, for the year ended December 31, 2020: Cost of goods sold $345,000 Interest expense 2,430 Sales returns and allowances 8,850 Accounts payable 120,058 Sales discounts 3,852 Depreciation expense 284,480 Sales revenue 982,596 Salaries and wages expense 163,612 Prepaid expenses 3,470 Rent expense 36,500 Loss from fire 8,198 Rental revenue 25,506 Additional information: • The effective tax rate is 40%. • Depreciation expense: 50% administrative expense...
Current Attempt in Progress The following are financial statements of Crane Company. Crane Company Income Statement...
Current Attempt in Progress The following are financial statements of Crane Company. Crane Company Income Statement For the Year Ended December 31, 2022 Net sales $2,245,000 Cost of goods sold 1,010,000 Selling and administrative expenses 910,000 Interest expense 85,000 Income tax expense 72,000 Net income $ 168,000 146,350 Crane Company Balance Sheet December 31, 2022 Assets Current assets Cash $ 63,300 Debt investments 87,000 Accounts receivable (net) 169,100 Inventory Total current assets 465,750 Plant assets (net) 570,500 Total assets $...
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Current Attempt in Progress Using the following balance sheet and income statement data, what is the...
Current Attempt in Progress Using the following balance sheet and income statement data, what is the total amount of working capital? $32600 16300 Current assets Current liabilities Average assets Total assets Net income Stockholders' equity Total liabilities $42800 79600 42800 163200 122400 Average common shares outstanding was 15300. O $10200 O $32600 O $16300 O $8100 Current Attempt in Progress Using the following balance sheet and income statement data, what is the current ratio? Current assets Current liabilities Average assets...
Question 5 of 6 < > -/1 View Policies Current Attempt in Progress Crane Corporation reported the following for 2020: net sales $1.227,100, cost of goods sold $725,600, selling and administrative expenses $330,700, and an unrealized holding gain on available-for-sale debt securities $22.000. (a) Prepare a statement of comprehensive income using the one statement format. (ignore income taxes and earnings per share.) CRANE CORPORATION Statement of Comprehensive Income
The Bridgeport Corporation, a private company, began operations on January 1, 2017. During its first three years of operations, Bridgeport reported net income and declared dividends as follows: Dividends declared 2017 2018 2019 Net income $50,000 139,000 159,000 50,000 50,000 The following information is for 2020: Income before income tax Correction of prior period error: understatement of 2018 depreciation expense (before tax) Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount,...
Question 17 --/1 View Policies Current Attempt in Progress The balance in retained earnings on January 1, 2020, for Hotel Plaza Inc., was $575,000. During the year, the corporation paid cash dividends of $70,000 and distributed a stock dividend of $15,000. In addition, the company determined that it had overstated its depreciation expense in prior years by $50,000. Net income for 2020 was $120,000. Prepare the retained earnings statement for 2020. (List items that increase retained earnings first.) HOTEL PLAZA...
Current Attempt in Progress and At December 31, 2019, Splish Corporation had the following stock outstanding Con- 10% cumulative preferred stock, $100 par, 107,532 shares $10,753,200 Common stock, $5 par. 4,053,980 shares 20,269,900 During 2020, Splish did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $24.726,300 Discontinued operations (loss before taxes) $3,413.600 Preferred dividends declared $1,075,320 Common dividends declared $2,228,300 Effective tax rate 35 % Compute earnings per share data...
Please help these answers are wrong and this is for a
grade!!!
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: Dividends declared $-0- 2017 2018 2019 Net income $47800 130500 167700 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes)...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: 2017 2018 2019 Net income $47800 130500 167700 Dividends declared $-0- 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $28800 will be paid on Jan. 15,...
Current Attempt in Progress The following are financial statements of Crane Company. Crane Company Income Statement For the Year Ended December 31, 2022 Net sales $2,245,000 Cost of goods sold 1,010,000 Selling and administrative expenses 910,000 Interest expense 85,000 Income tax expense 72,000 Net income $ 168,000 146,350 Crane Company Balance Sheet December 31, 2022 Assets Current assets Cash $ 63,300 Debt investments 87,000 Accounts receivable (net) 169,100 Inventory Total current assets 465,750 Plant assets (net) 570,500 Total assets $...
W FUNCIES Current Attempt in Progress The following information is related to Splish Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared...
Current Attempt in Progress Using the following balance sheet and income statement data, what is the total amount of working capital? $32600 16300 Current assets Current liabilities Average assets Total assets Net income Stockholders' equity Total liabilities $42800 79600 42800 163200 122400 Average common shares outstanding was 15300. O $10200 O $32600 O $16300 O $8100 Current Attempt in Progress Using the following balance sheet and income statement data, what is the current ratio? Current assets Current liabilities Average assets...
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