At January 1, 2022, the assets of Crane Company were $1,020,000 and liabilities were $742,000. The...

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At January 1, 2022, the assets of Crane Company were $1,020,000 and liabilities were $742,000. The balance in common stock was $131,000. During 2022, Crane earned revenue of $230,000 and had expenses of $138,000. Dividends of $52,000 were paid during the year. The company also purchased equipment in exchange for a $31,000 note payable. Prepare a retained earnings statement in good form. (List items that increase retained earnings first.) Retained Earnings, Beginning Add CRANE COMPANY Retained Earnings Statement For the Year Ended December 31, 2022 Less Net Income /(Loss) Dividends Retained Earnings, Ending 147000 -115000 32000 52000 20000 At January 1, 2022, the assets of Crane Company were $1,020,000 and liabilities were $742,000. The balance in common stock was $131,000. During 2022, Crane earned revenue of $230,000 and had expenses of $138,000. Dividends of $52,000 were paid during the year. The company also purchased equipment in exchange for a $31,000 note payable. Prepare a retained earnings statement in good form. (List items that increase retained earnings first.) Retained Earnings, Beginning Add CRANE COMPANY Retained Earnings Statement For the Year Ended December 31, 2022 Less Net Income /(Loss) Dividends Retained Earnings, Ending 147000 -115000 32000 52000 20000

Answer rating: 100% (QA)

Required Preparation of a retained earnings statement in good form CRANE COMPANY Retai... View the full answer