Multiple-Step Income Statement and Report Form of Balance SheetThe following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $122,700 Gerri Faber, Drawing $73,500 Accounts Receivable 330,200 Sales 4,437,700 Merchandise Inventory 373,100 Cost of Merchandise Sold 2,600,500 Estimated Returns Inventory 14,750 Sales Salaries Expense 731,300 Office Supplies 11,600 Advertising Expense 201,100 Prepaid Insurance 9,000 Depreciation Expense—Store Equipment 39,200 Office Equipment 270,100 Miscellaneous Selling Expense 17,200 Accumulated Depreciation—Office Equipment 183,600 Office Salaries Expense 399,200 Store Equipment 843,200 Rent Expense 58,900 Accumulated Depreciation—Store Equipment 270,100 Insurance Expense 18,300 Accounts Payable 186,900 Depreciation Expense—Office Equipment 29,500 Customer Refunds Payable 29,500 Office Supplies Expense 10,800 Salaries Payable 11,900 Miscellaneous Administrative Exp. 7,800 Note Payable (final payment due 2032) 392,500 Interest Expense 11,900 Gerri Faber, Capital 661,650 Required: 1.Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 2019 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2.Prepare a statement of owner's equity. Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2019 3.Prepare a balance sheet, assuming that the current portion of the note payable is $15,700. Kanpur Co. Balance Sheet June 30, 2019 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Owner's equity Total liabilities and owner's equity 4.Which type of income statement shows intermediate balances?

Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:...

Multiple-Step Income Statement and Report Form of Balance Sheet

The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:

Cash	$122,700	Gerri Faber, Drawing	$73,500
Accounts Receivable	330,200	Sales	4,437,700
Merchandise Inventory	373,100	Cost of Merchandise Sold	2,600,500
Estimated Returns Inventory	14,750	Sales Salaries Expense	731,300
Office Supplies	11,600	Advertising Expense	201,100
Prepaid Insurance	9,000	Depreciation Expense—Store Equipment	39,200
Office Equipment	270,100	Miscellaneous Selling Expense	17,200
Accumulated Depreciation—Office Equipment	183,600	Office Salaries Expense	399,200
Store Equipment	843,200	Rent Expense	58,900
Accumulated Depreciation—Store Equipment	270,100	Insurance Expense	18,300
Accounts Payable	186,900	Depreciation Expense—Office Equipment	29,500
Customer Refunds Payable	29,500	Office Supplies Expense	10,800
Salaries Payable	11,900	Miscellaneous Administrative Exp.	7,800
Note Payable (final payment due 2032)	392,500	Interest Expense	11,900
Gerri Faber, Capital	661,650

Required:

1.Prepare a multiple-step income statement.

Kanpur Co. Income Statement For the Year Ended June 30, 2019



Expenses:
Selling expenses:




Total selling expenses
Administrative expenses:






Total administrative expenses
Total operating expenses

2.Prepare a statement of owner's equity.

Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2019

3.Prepare a balance sheet, assuming that the current portion of the note payable is $15,700.

Kanpur Co. Balance Sheet June 30, 2019
Assets
Current assets:






Total current assets
Property, plant, and equipment:




Total property, plant, and equipment
Total assets
Liabilities
Current liabilities:




Total current liabilities
Long-term liabilities:

Total liabilities
Owner's equity

Total liabilities and owner's equity

4.Which type of income statement shows intermediate balances?

Jun 10, 2022