Question: P1.2 Analyze transactions and prepare Income Statement, Rotained Earnings Statement and Statement of Financial Position Crane Co, opened on July 1, 2020. On July 31,

P1.2 Analyze transactions and prepare Income Statement, Rotained Earnings Statement and Statement of Financial Position Crane Co, opened on July 1, 2020. On July 31, the statement of financial position showed Cash 5,600,Acc0unts Receivable 1,700, Supplies 400, Equipment 6,400, Accounts Payable 4,200, Share Capital-Ordinary 3,700, and Retained Earning of 6,200 (amounts in thousands). During August, the following transactions occurred. Instructions (A) Write the effect, account title and amount of each of the following transactions. (B) Prepare a tabular analysis of the August transactions beginning with July 31 balances. (C) Prepare an Income Statement for August. (D) Prepare a Retained Earnings Statement for August. (E) Prepare a Statement of Financial Position at August 31, 2020. (List Assets in reverse order of liquidity.) P1.2 Analyze transactions and prepare Income Statement, Rotained Earnings Statement and Statement of Financial Position Crane Co, opened on July 1, 2020. On July 31, the statement of financial position showed Cash 5,600,Acc0unts Receivable 1,700, Supplies 400, Equipment 6,400, Accounts Payable 4,200, Share Capital-Ordinary 3,700, and Retained Earning of 6,200 (amounts in thousands). During August, the following transactions occurred. Instructions (A) Write the effect, account title and amount of each of the following transactions. (B) Prepare a tabular analysis of the August transactions beginning with July 31 balances. (C) Prepare an Income Statement for August. (D) Prepare a Retained Earnings Statement for August. (E) Prepare a Statement of Financial Position at August 31, 2020. (List Assets in reverse order of liquidity.)

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