Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are presented in Problem 5-5B.

In Problem 5-5B

The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2016:

Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 11.
2. Prepare a retained earnings statement.
3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $7,000.
4. Prepare closing entries as of June 30, 2016.

Transcribed Image Text:

5 375,000 Cost of Merchandise Sold Sles Salaries Expense 10,000 220,000 Depreciation Expense- 8 58,000 650,000 Miscellaneous Selling Expense Office Salaries Expense Rent Expense Accumulated Depreciation- 7,500 Insurance Expense 48,500 Depreciation Expense- Office Supplies Expense (final payment due 2032) 40,000 laneous Administrative Exp. 50,000 Interest Expense