70.2K

Verified Solution

Link Copied!

Question $2$ of $5<$

$-/25$

Crane Ltd$.$ is a small restaurant and culinary business started four years ago by Kimberly Young. Initially the company's operations consisted of a small diner. In $2023,$ the company added online culinary lessons to expand sales. The online culinary events are sold to corporations that provide the lessons as performance incentives to their employees. As the culinary lessons side of the business grew in $2024,$ the company purchased a used vehicle to deliver meal kits to be used for the lessons. All sales in the diner are cash, debit, or credit card, but culinary lessons, which are sold to corporations, are invoiced after the event with payment due in $30$ days. Most of the

Company suplers offer terms of $1$S day, Selected financialinformation for Crane Ltd$,$ folows.

$2024$

$2023$

Assets

Cash

$$9,660$

$$6,690$

Accounts receivable

$20,120$

$13,170$

Inventory

$13,880$

$7,230$

Land

$16,980$

$16,980$

Building and equipment

$40,160$

$36,480$

Total assets

$$100,800$

$$80,550$

Liabilities and equity

Total assets

Liabilities and equity

Accounts payable

Short$-$term note payable

Mortgage payable current

Mortgage payable

Share capital

Retained earnings

Total liabilities and equity

Other information

Sales

Cost of goods sold

Net income

$-/25$

$3=$

$$100,800$

$$80,550$

$$9,160$

$2,340$

$4,340$

$31,210$

$14,790$

$38,960$

$$100,800$

$$7,320$

$1,530$

$4,340$

$33,690$

$14,790$

$18,880$

$$80,550$

$$211,300$

$85,160$

$20,080$

$$171,490$

$81,100$

$10,090$ find net credit sales

Answer & Explanation Solved by verified expert

See Answer