Single-step income statement and balance sheet Obj. 4 Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 20Y7, are presented in Problem 5-5B.

Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 13.

2. Prepare a statement of stockholders’ equity. Additional common stock of $7,500 was issued during the year ended June 30, 20Y7.

3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000.

4. Prepare closing entries as of June 30, 20Y7.

AppendixLO1