help please CALCULATOR FULL SCREEN PRIN URCES Exercise 23-13 ng Crane Inc., a gr

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CALCULATOR FULL SCREEN PRIN URCES Exercise 23-13 ng Crane Inc., a greeting card company, had the following statements prepared as of December 31, 2017 3-2 3-3 CRANE INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 $6,100 $6,900 62,500 51,000 Cash Accounts receivable Short-term debt investments (available-for-sale 34,800 18,100 Inventory Prepaid rent by Study Equipment Accumulated depreciation-equipment Copyrights Total assets 154,500 130,100 (34,800) (25,300) 46,300 50,400 $313,900 $295,400 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital. common stock $46,000 $40,200 4,000 6,000 8,100 4,000 8,000 10,000 69,000 100,000 100,000 30.000 30.000 2000-2018 ]ohn wley & Sons. mc All Rights Reserved. A Division of 59,700 ent l Privacy Policy |

Explanation / Answer

Cash flow from operating activities: Collection from receivables 327575 Paid to accounts payable -148600 Salary paid -89170 Interest Paid -11300 Income Tax Paid -8975 -258045 Net Cashflows from operating Activities 69530 Cash flow from investing activities: Sales of Equipment(Book value+profit) 7970 (19900*30%+2000) Purchase of short term investment -16700 (18100-34800) Purchase of Equipment -44300 (130100-154500-19900) Net cashflows from investing activities -53030 Cash flow from fiannacing activities: Repayment of short term loan -2000 (8000-10000) Repayment of long term loan -9300 (59700-69000) Paymnet of dividend -6000 Net cashflows from financing activities -17300 Net increase or decrease in cash -800 Opening cash balance 6900 Closing cash balance 6100 1 Opening Accounts Receivable 51000 Add: Sales Revenue 339075 390075 Less: Closing Accounts receivable 62500 Cash collection 327575 2 Cost of goods sold 175000 Add: Closing inventory 39600 214600 Less: Opening Inventory 60200 Purchases during the year 154400 3 Opening Accounts Payable 40200 Add: Purchases during the year 154400 194600 Less: Closing Accounts payable 46000 Cash paid to accounts Payable 148600 4 Opening Salary Payable 4000 Add: Salary Expense(Operating Expense-depreciation -amortisation+rent paidin advance) 93270 (119900-23430-4100+900) Depreciation 23430 (34800-25300+19900*70%) 97270 Amortisation 4100 (50400-46300) Less: Closing Salary payable 8100 Rent Paid 900 (4900-900) Salary paid 89170 5 Opening income tax Payable 6000 Add: income tax Expense 6975 12975 Less: Closing income tax payable 4000 income tax paid 8975

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