60.1K

Verified Solution

Link Copied!

During 2024, the following transactions occurred: 1. Sales of paninis for cash were $661,000, and sales of paninis on account were $60,000. 2. Purchases of ingredients were $178,000, all on account. 3. Collections from customers for sales on account totalled $18,300. 4. The company paid $45,800 for utilities expenses. 5. Ingredients with a cost of $200,000 were used in paninis that were sold. 6. Payments for ingredients purchased on account totalled $224,000. 7. The company paid $96,600 for wages. 8. A dividend of $35,600 was declared and paid at the end of the year. Information for adjusting entries: 9. The balance in the Supplies account at the end of 2024 was $1,200. 10. Wages owed to employees at the end of 2024 were $3,560. 11. At the end of 2024 , the account balance in Prepaid Insurance was $1,500. 12. The equipment had an estimated useful life of eight years with a residual value of $3,000. Crane had the following account balances at December 31, 2023: During 2024, the following transactions occurred: 1. Sales of paninis for cash were $661,000, and sales of paninis on account were $60,000. 2. Purchases of ingredients were $178,000, all on account. 3. Collections from customers for sales on account totalled $18,300. 4. The company paid $45,800 for utilities expenses. 5. Ingredients with a cost of $200,000 were used in paninis that were sold. 6. Payments for ingredients purchased on account totalled $224,000. 7. The company paid $96,600 for wages. 8. A dividend of $35,600 was declared and paid at the end of the year. Information for adjusting entries: 9. The balance in the Supplies account at the end of 2024 was $1,200. 10. Wages owed to employees at the end of 2024 were $3,560. 11. At the end of 2024, the account balance in Prepaid Insurance was $1,500. CRANE Statement of Financial Position Assets $ $ Liabilities and Shareholders' Equity

Answer & Explanation Solved by verified expert

See Answer