Problem: Presented below is selected information related to Crane Company at December 31, 2020. Crane reports financial information monthly.
Accounts Payable $3,358 Salaries and Wages Expense $18,467
Cash $7,275 Notes Payable $27,980
Advertising Expense $6,715 Rent Expense $11,752
Service Revenue $59,877 Accounts Receivable $15,109
Equipment $32,457 Owner's Drawings $8,394
Assignment Requirement:
Determine the total assets of Crane Company at December 31, 2020.
Determine the net income that Crane Company reported for December 2020.
Determine the owner's equity of Crane Company at December 31, 2020.
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