Question

Exercise 5-07 (Part Level Submission) Presented below is information for Crane Co. for the month of January 2022. Cost of goods sold $217,400 Rent expense Freight-out 7,500 Sales discounts Insurance expense 13,800 Sales returns and allowances Salaries and wages expense 61,400 Sales revenue Income tax expense 4,100 Other comprehensive income (net of $400 tax) $34,200 9,200 17,700 390,000 2,000

Answer 1

Answer CRANE CO Income statement for the Monan Ended January 31 2022 $390,000 sales Sales Revenue less: sales discount sales retums and allowances $9,200 $17,700 $26,900 Netsales $363, loo less: cost of goods sold $217,400 Cross profit $145,700 { less: operating expenses: Insurance expenses $13,800 salaries and wages expense $61,400 Rent expense $34,200 Freight-outward expense $7500 Total operating expenses $116,900 Income Before Income taxes ($ $28,800 14 5700 - 116.900 Income fase expense $4,100 Net income (28,800-4,100 $24,700

CRANG Co. comprehensive Income statement for the month ended Jan 2022 Net Income 1 Closs) $2,4,700 Add: Other comprehensive Income / Closs) $20,000 comprehensive Income Illoss) $26,700 ($24,700t 2000)