eBook Calculator Multiple-Step Income Statement and Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5: Cash $127,100 Gerri Faber, Drawing $76,100 Accounts Receivable 4,594,600 Merchandise Inventory 2,692,500 Office Supplies 331,800 Sales 386,300 Cost of Merchandise Sold 12,000 Sales Salaries Expense 9,300 Advertising Expense 279,700 Depreciation Expense-Store Equipment 757,100 Prepaid Insurance 208,200 Office Equipment 40,600 17,800 Accumulated Depreciation - Office Equipment Store Equipment Accumulated Depreciation-Store Equipment 190,100 Miscellaneous Selling Expense 873,000 office Salaries Expense 279,700 Rent Expense 413,300 61,000 Accounts Payable 193,500 Insurance Expense 18,900 Customer Refunds Payable 30,500 Depreciation Expense-Office Equipment 30,500 12,400 Office Supplies Expense 11,200 Salaries Payable Note Payable (final payment due in eight years) Gerri Faber, Capital 407.500 Miscellaneous Administrative Exp. 8,100 658,600 Interest Expense 12,400 Required: Check My Work 1 more Check My Work uses remaining O e Calculator eBook Required: 1. Prepare a multiple-step income statement. Income Statement FDE Sales 4,594,600 Cost of merchandise sold 2,692,500 Gross profit 1,902,100 Expenses: Selling expenses: Sales salaries expense 757,100 Advertising expense 208,200 Depreciation expense-store equipment 40,600 Miscellaneous selling expense 17,800 Total selling expenses 1,023,700 Administrative expenses: Office salaries expense 413,300 Rent expense 61,000 Check My Work 1 more Check My Work uses remaining O Ri eBook Calculator Rent expense 61,000 Insurance expense Depreciation expense office equipment 18,900 30,500 Office supplies expense 11,200 Miscellaneous administrative expense 8,100 Total administrative expenses Total operating expenses Income from operations Other expense: Interest expense 12,400 Net Income p. Prepare a statement of owner's equity, Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2015 Gerri Faber, capital, July 1, 2014 658,600 Net Income for the year Check My Work 1 more Check My Work uses remaining o RI e 00 9:20 PA 10/14/20 interest expense Net income 1. Prepare a statement of owner's equity. Kanpur CO Statement of Owner's Equity For the Year Ended June 30, 2015 Gerri Faber, capital, July 1, 2014 658,600 Net income for the year Withdrawals 76,100