The following information is available for Crane Company Accounts receivable $3,300
Accounts payable 4,100
Interest payable 580
Salaries and wages expense 4,900
Notes payable 31,500
Common stock 50,400
Inventory 2,940
Cash $6,310
Supplies 3,880
Unearned service revenue 820
Service revenue 42,100
Salaries and wages payable 850
Depreciation expense 600
Equipment (net) 109,800
Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity

Crane Company

Balance Sheet

As of December 31, 2022:

Assets

Current Assets:

Cash                           $6,310

Accounts receivable   3,300

Supplies                       3,880

Inventory                     2,940

Total current assets                $16,430

Long-term Assets:

Equipment (net)                      109,800

Total assets                          $126,230

Liabilities and Equity

Current Liabilities:

Accounts payable                     4,100

Interest payable                          580

Salaries and wages payable      850

Unearned service revenue        820

Total current liabilities          $6,350

Long-term Liabilities:

Notes payable                       31,500

Total liabilities                    $37,850

Equity:

Common stock       50,400

Retained Earnings 37,980

Total equity                      $88,380

Total liabilities + equity  $126,230

Explanation:

a) Data and Calculations:

Trial Balance

Cash                             $6,310

Accounts receivable     3,300

Supplies                         3,880

Inventory                       2,940

Equipment (net)        109,800

Depreciation expense    600

Salaries & wages exp. 4,900

Accounts payable                         $4,100

Interest payable                                580

Salaries and wages payable            850

Unearned service revenue              820

Notes payable                               31,500

Common stock                            50,400

Service revenue                           42,100

Retained earnings                          1,380

Totals                       $131,730   $131,730

Beginning Retained Earnings $1,380

Net income                             36,600

Ending Retained earnings   $37,980

Income Statement for the year ended December 31, 2022:

Service revenue                     $42,100

Depreciation expense                  600

Salaries and wages expense    4,900

Total expenses                        $5,500

Net income                            $36,600

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