Calculator 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: $128,400 Gerri Faber, Drawing Cash Sales 345,400 Accounts Receivable 390,300 Merchandise Inventory $76,900 4,642,200 2,720,400 765,000 210,400 Cost of Merchandise Sold Estimated Returns Inventory 15,400 Sales Salaries Expense Office Supplies 12,100 Advertising Expense Depreciation Expense-Store Equipment 9,400 Prepaid Insurance 41,000 282,600 Office Equipment 18,000 Miscellaneous Selling Expense 192,000 Accumulated Depreciation--Office Equipment 417,600 Office Salaries Expense Store Equipment 882,100 Rent Expense 61,700 Accumulated Depreciation-Store Equipment 282,601 19,100 Accounts Payable 195,500 30,800 Customer Refunds Payable 30,800 Insurance Expense Depreciation Expense-Office Equipment Office Supplies Expense Miscellaneous Administrative Exp. Interest Expense 11,300 Salaries Payable 12,500 8,200 Note Payable (final payment due 2032) 410,000 12,500 Gerri Faber, Capital 693,000 Required: 1. Prepare a multiple-step income statement. Kanpur Co. CUM CU CengageNUWV2 Online teaching and learning resource Calculator Kanpur Co. Income Statement For the Year Ended June 30, 2019 5 Expenses: Selling expenses: MI Total selling expenses Administrative expenses: $ Total administrative expenses Long NUWV2 Online teaching and learning resourc Calculator Total operating expenses 2. Prepare a statement of owner's equity. Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2019 $ 3. Prepare a balance sheet, assuming that the current portion of the note payable is $16,400. Kanpur Co. Balance Sheet Kanpur Co. Balance Sheet June 30, 2019 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Llabilities Current liabilities: Check My Work 2 more Check My Work uses remaining Submit Total property, plant, and equipment Total assets Liabilities Current liabilities: