450,000 370,000 PR 5-5B Multiple-Step Income Statement and Balance Sheet Obj.4 The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2017: Cash Accounts Receivable Inventory Estimated Returns Inventory $ 381,000 300,000 $ 92,000 Retained Earnings Dividends Sales 8,925,000 5,000 Cost of Goods Sold 5,620,000 Office Supplies Prepaid Insurance 10,000 Sales Salaries Expense 12,000 Advertising Expense 850,000 420,000 Office Equipment 220,000 Depreciation Expense-Store Equipment 33,000 Accumulated Depreciation-Office Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Customer Refunds Payable Estimated Coupons Payable 650,000 Office Salaries Expense $40,000 87,500 Rent Expense 48,000 35,500 Insurance Expense 24,000 4,000 Depreciation Expense-Office Equipment 10,000 10,000 Office Supplies Expense 4,000 3,000 Miscellaneous Administrative Expense 6,000 Note Payable (final payment due in 140,000 Interest Expense 12,000 20 years) Common Stock Instructions 1. Prepare a multiple-step income statement. 50,000 www 1. Prepare a multiple-step income statement. Answer + 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. Briefly explain how multiple- and single-step income statements differ