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Question - The current assets and liabilities sections of the comparative balance sheet of Crane Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income statement:
CRANE INC. Comparative Balance Sheet Accounts
2021
2020
Cash
$23,760
$25,200
Accounts receivable
15,360
9,840
Inventory
7,800
11,040
Prepaid expenses
1,800
1,392
Accounts payable
10,320
8,640
Accrued expenses payable
1,200
1,920
Dividends payable
5,760
4,080
Income taxes payable
1,632
2,832
CRANE INC. Income Statement Year Ended October 31, 2021
Sales
$150,000
Cost of goods sold
93,600
Gross profit
56,400
Operating expenses
$21,120
Depreciation expense
5,520
Loss on sale of equipment
28,560
Profit before income taxes
27,840
Income taxes
6,960
Profit
$20,880
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