Question

These financial statement items are for Crane Corporation at year end, July 31, 2018:

Operating expenses	$32,500		Interest payable		$ 1,900
Salaries expense	47,700		Supplies expense		1,200
Unearned revenue	12,000		Dividends declared		15,500
Utilities expense	2,500		Depreciation expense		4,000
Equipment	61,400		Retained earnings, Aug. 1, 2017		20,940
Accounts payable	4,020		Rent expense		13,500
Service revenue	113,600		Income tax expense		5,200
Rent revenue	19,500		Supplies		1,200
Common shares	26,000		Held for trading investments		23,500
Cash	5,260		Bank loan payable (due Dec. 31, 2018)		26,800
Accounts receivable	16,100		Interest expense		1,900
Accumulated depreciation—equipment	6,700

Additional information:
Crane started the year with $19,000 of common shares and issued additional shares for $7,000 during the year.

(a1)

Prepare an income statement for the year.

CRANE CORPORATION Income Statement choose the accounting period                                                                      Year Ended July 31, 2018Month Ended July 31, 2018July 31, 2018
select an opening name for section one                                                                      RevenuesExpensesTotal ExpensesIncome Before Income TaxNet Income/(Loss)Balance, August 1, 2017Total RevenuesBalance, July 31, 2018Issued Common SharesDividends Declared
enter an income statement item			$enter a dollar amount
enter an income statement item			enter a dollar amount
select a closing name for section one                                                                      RevenuesExpensesTotal ExpensesIncome Before Income TaxNet Income/(Loss)Balance, August 1, 2017Total RevenuesBalance, July 31, 2018Issued Common SharesDividends Declared			enter a total amount for section one
select an opening name for section two                                                                      RevenuesExpensesTotal ExpensesIncome Before Income TaxNet Income/(Loss)Balance, August 1, 2017Total RevenuesBalance, July 31, 2018Issued Common SharesDividends Declared
enter an income statement item		$enter a dollar amount
enter an income statement item		enter a dollar amount
enter an income statement item		enter a dollar amount
enter an income statement item		enter a dollar amount
enter an income statement item		enter a dollar amount
enter an income statement item		enter a dollar amount
enter an income statement item		enter a dollar amount
select a closing name for section two                                                                      RevenuesExpensesTotal ExpensesIncome Before Income TaxNet Income/(Loss)Balance, August 1, 2017Total RevenuesBalance, July 31, 2018Issued Common SharesDividends Declared			enter a total amount for section two
select a summarizing line for two parts                                                                      RevenuesExpensesTotal ExpensesIncome Before Income TaxNet Income/(Loss)Balance, August 1, 2017Total RevenuesBalance, July 31, 2018Issued Common SharesDividends Declared			enter a total amount for two parts
enter an income statement item			enter a dollar amount
select a closing name for this statement                                                                      RevenuesExpensesTotal ExpensesIncome Before Income TaxNet Income/(Loss)Balance, August 1, 2017Total RevenuesBalance, July 31, 2018Issued Common SharesDividends Declared			$enter a total net income or loss amount

Answer 1