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Multiple-step income statement and balance sheet

The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7:

Cash $118,100 Retained Earnings $520,600

Accounts Receivable 317,700 Dividends 70,700

Inventory 359,000 Sales 4,326,000

Estimated Returns Inventory 5,000 Cost of Goods Sold 2,502,200

Office Supplies 11,100 Sales Salaries Expense 703,600

Prepaid Insurance 8,600 Advertising Expense 193,500

Office Equipment 259,900 Depreciation Expense

Store Equipment

37,700

Accumulated Depreciation

Office Equipment

176,600 Miscellaneous Selling Expense 16,500

Store Equipment 811,300 Office Salaries Expense 384,100

Accumulated Depreciation

Store Equipment

259,900 Rent Expense 56,700

Accounts Payable 179,900 Depreciation Expense

Office Equipment

28,400

Customer Refunds Payable 10,000 Insurance Expense 17,600

Salaries Payable 11,500 Office Supplies Expense 10,400

Note Payable

(final payment due 2024)

377,500 Miscellaneous Administrative Exp. 7,500

Common Stock 69,100 Interest Expense 11,500

1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 20Y7 Sales 8,925,000 5,620,000 Cost of goods sold Gross profit 3,305,000 Expenses: Selling expenses: Sales salaries expense Advertising expense Deprecation expense-store equipment Miscellaneous selling expense Total selling expenses Administrative expenses: Miscellaneous selling expense Total selling expenses Administrative expenses: Office salarles expense Rent expense Insurance expense Depreciation expense-office equipment Office supplies expense Miscellaneous administrative expense Total administrative expenses Total operating expenses Operating income Other revenue and expense: Interest expense Net income Net Income 2. Prepare a statement of stockholders' equity. Additional common stock of $7,500 was issued during the year ended June 30, 20Y7 Kanpur Co. Statement of Stockholders' Equity For the Year Ended June 30, 20Y7 Common Stock Retalned Earnings Total Balances, July 1, 20Y6 Issued common stock Net income Dividends Balances, June 30, 20Y7 3. Prepare a balance sheet, assuming that the current portion of the note payable is $18,875. KANPUR CO. Balance Sheet June 30, 20Y7 Check My Work 5 more Check My Work uses remaining 3. Prepare a balance sheet, assuming that the current portion of the note payable is $18,875. KANPUR CO. Balance Sheet June 30, 20Y7 Assets Current assets: Cash Accounts receivable Inventory Estimated returns Inventory Office supplies Prepald Insurance Total current assets Property, plant, and equipment: Office equipment Accumulated depreciation-office equipment Book value-office equipment Store equipment Areumulntod daneorlation.etnro anninmant Check My Work 5 more Check My Work uses remaining. Accumulated depreciation-office equipment Book value-office equipment Store equipment Accumulated depreciation-store equipment Inventory Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Salarles payable Customer refunds payable Note payable (current portion) Total current liabilities Long-term liabilities: Note payable (long-term portion) Total liabilities Stockholders' equity 5 more Check My Work uses remaining. Check My Work current llabilltles: Accounts payable Salaries payable Customer refunds payable Note payable (current portion) Total current liabilities Long-term liabilities: Note payable (long-term portlon) Total liabilities Stockholders' equity Common stock Cash Total stockholders' equity Total liabilities and stockholders' equity 4. Which type of income statement shows intermediate balances? Multiple-step Check My Work 5 more Check My Work uses remaining

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