Accounting assignments
mohammed3332Brief 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$
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