3. Prepare a balance sheet, assuming that the current portion of the note payable is $15,800.

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 $74,200 Accounts Receivable 4,478,000 2,624,200 Merchandise Inventory Estimated Returns Inventory $123,900 Gerri Faber, Drawing 330,300 Sales 376,500 cost of Merchandise Sold 14,850 Sales Salaries Expense 11,700 Advertising Expense 9,000 Depreciation Expense-Store Equipment 737,900 Office Supplies 202,900 Prepaid Insurance 39,500 Office Equipment 272,600 Miscellaneous Selling Expense 17,300 402,900 Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment 185,200 Office Salaries Expense 850,900 Rent Expense 59,500 18,400 Accounts Payable 29,700 272,600 Insurance Expense 188,600 Depreciation Expense-Office Equipment 29,700 Office Supplies Expense 12,000 Miscellaneous Administrative Exp. 395,000 Interest Expense Customer Refunds Payable Salaries Payable 10,900 7,900 Note Payable (final payment due 2032) 12,000 Gerri Faber, Capital 665,950 Total current assets S 866,250 Property, plant, and equipment: Office equipment $ 272,600 -185,200 $ 850,900 $ Less accumulated depreciation office equipment Store equipment Less accumulated depreciation-Store equipment Total property, plant, and equipment -272,600 665,700 Total assets Liabilities Current liabilities: $ 188,600 Accounts payable Customer refunds payable Salaries payable 29,700 12,000 Note payable 15,800 Total current liabilities 246,100 Long-term liabilities: Note payable 395,000 x Total liabilities Owner's equity Total liabilities and owner's equity