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I need help with preparing income statement, statement of owners equity, and a balance sheet, assuming that the current portion of the note payable is
I need help with preparing income statement, statement of owners equity, and a balance sheet, assuming that the current portion of the note payable is $16,100.
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 $126,200 Gerri Faber, Drawing 575,500 326,500 Sales Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation - Office Equipment Store Equipment 383,450 Cost of Merchandise Sold 11,900 Sales Salaries Expense 9,200 Advertising Expense 277,600 Depreciation Expense-Store Equipment 4,560,800 2,672,600 751,600 206,700 40,300 188,700 Miscellaneous Selling Expense 17,600 866,600 Office Salaries Expense 410,300 Accumulated Depreciation-Store Equipment 277,600 Rent Expense 60,600 192,100 Insurance Expense 18,800 30,300 Accounts Payable Customer Refunds Payable Salaries Payable Note Payable (final payment due in eight years) Gerri Faber, Capital 30,300 Depreciation Expense-Office Equipment 12,300 Office Supplies Expense 402.500 Miscellaneous Administrative Exp. 11,100 8,100 652,950 Interest Expense 12,300 Required: 1. Prepare a multiple-step income statementStep by Step Solution
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