Accounting assignments

Brief Exercise 4-1

Crane Co. had sales revenue of $552,600 in 2017. Other items recorded during the year were:

Cost of goods sold$330,000Salaries and wages expense129,600Income tax expense28,750Increase in value of company reputation16,070Other operating expenses11,330Unrealized gain on value of patents21,380
Prepare a single-step income statement for Crane for 2017. Crane has 109,800 shares of stock outstanding. (Round earnings per share to 2 decimal places, e.g. 1.48.)

CRANE CO.
Income Statement
December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 DividendsEarnings Per ShareExpensesNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal Revenues Cost of Goods Sold    Increase in Value of Company Reputation    Unrealized Gain on Value of Patents    Salaries and Wages Expense    Other Operating Expenses    Income Tax Expense    Sales Revenue    $ DividendsEarnings Per ShareExpensesNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal Revenues Salaries and Wages Expense    Increase in Value of Company Reputation    Sales Revenue    Income Tax Expense    Unrealized Gain on Value of Patents    Cost of Goods Sold    Other Operating Expenses     Other Operating Expenses    Income Tax Expense    Unrealized Gain on Value of Patents    Increase in Value of Company Reputation    Sales Revenue    Salaries and Wages Expense    Cost of Goods Sold     Salaries and Wages Expense    Cost of Goods Sold    Other Operating Expenses    Income Tax Expense    Unrealized Gain on Value of Patents    Increase in Value of Company Reputation    Sales Revenue     Sales Revenue    Salaries and Wages Expense    Cost of Goods Sold    Other Operating Expenses    Unrealized Gain on Value of Patents    Income Tax Expense    Increase in Value of Company Reputation     Dividends    Earnings Per Share    Expenses    Net Income / (Loss)    Retained Earnings    Revenues    Total Expenses    Total Revenues     DividendsEarnings Per ShareExpensesNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal Revenues$ DividendsEarnings Per ShareExpensesNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal Revenues$