Multiple-Step Income Statement and Report Form of BalanceSheet
The following selected accounts and their current balancesappear in the ledger of Kanpur Co. for the fiscal year ended June30, 2019:
| Cash | $111,300 | | Gerri Faber, Drawing | $66,700 |
| Accounts Receivable | 302,100 | | Sales | 4,025,000 |
| Merchandise Inventory | 338,400 | | Cost of Merchandise Sold | 2,358,600 |
| Estimated Returns Inventory | 13,350 | | Sales Salaries Expense | 663,300 |
| Office Supplies | 10,500 | | Advertising Expense | 182,400 |
| Prepaid Insurance | 8,100 | | Depreciation Expense—Store Equipment | 35,500 |
| Office Equipment | 245,000 | | Miscellaneous Selling Expense | 15,600 |
| Accumulated Depreciation—Office Equipment | 166,500 | | Office Salaries Expense | 362,100 |
| Store Equipment | 764,800 | | Rent Expense | 53,500 |
| Accumulated Depreciation—Store Equipment | 245,000 | | Insurance Expense | 16,600 |
| Accounts Payable | 169,500 | | Depreciation Expense—Office Equipment | 26,700 |
| Customer Refunds Payable | 26,700 | | Office Supplies Expense | 9,800 |
| Salaries Payable | 10,800 | | Miscellaneous Administrative Exp. | 7,100 |
| Note Payable (final payment due 2032) | 355,000 | | Interest Expense | 10,800 |
| Gerri Faber, Capital | 603,750 |
1. Prepare a multiple-step incomestatement.
2. Prepare a statement of owner's equity.
3. Prepare a balance sheet, assuming that thecurrent portion of the note payable is $14,200.
4. Which type of income statement showsintermediate balances?
I think that I know some of these answers but I am concernedthat I am getting the wrong answers.
