Reference no: EM132468511
Question - 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
Required -
1. Determine the total assets of Crane Company at December 31, 2020.
2. Determine the net income that Crane Company reported for December 2020.
3. Determine the owner's equity of Crane Company at December 31, 2020.
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