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 $30,20$Y$7$:

Account Amount

Cash $$113,200$

Accounts Receivable $307,300$

Inventory $344,200$

Estimated Returns Inventory $5,000$

Office Supplies $10,700$

Prepaid Insurance $8,300$

Office Equipment $249,200$

Accumulated Depreciation$$Office Equipment $169,300$

Store Equipment $777,900$

Accumulated Depreciation$$Store Equipment $249,200$

Accounts Payable $169,400$

Salaries Payable $11,000$

Customer Refunds Payable $10,000$

Estimated Coupons Payable $3,000$

Note Payable $($final payment due in $20$ years$)362,500$

Common Stock $68,600$

Retained Earnings $499,100$

Dividends $67,800$

Sales $4,147,600$

Cost of Goods Sold $2,399,100$

Sales Salaries Expense $674,600$

Advertising Expense $185,500$

Depreciation Expense$$Store Equipment $36,100$

Miscellaneous Selling Expense $15,800$

Office Salaries Expense $368,300$

Rent Expense $54,400$

Insurance Expense $16,900$

Depreciation Expense$$Office Equipment $27,200$

Office Supplies Expense $10,000$

Miscellaneous Administrative Expense $7,200$

Interest Expense $11,000$

Required:

$1.$ Prepare a multiple$-$step income statement.

Kanpur Co$.$

Income Statement

For the Year Ended June $30,20$Y$7$

Line Item Description Amount Amount Amount

$fill in the blank $2$

fill in the blank $4$

$fill in the blank $6$

Expenses:

Selling expenses:

$fill in the blank $8$

fill in the blank $10$

fill in the blank $12$

fill in the blank $14$

Total selling expenses $fill in the blank $15$

Administrative expenses:

$fill in the blank $17$

fill in the blank $19$

fill in the blank $21$

fill in the blank $23$

fill in the blank $25$

fill in the blank $27$

Total administrative expenses fill in the blank $28$

Total operating expenses fill in the blank $29$

$fill in the blank $31$

fill in the blank $34$

$fill in the blank $36$

$2.$ Prepare a statement of stockholders$$ equity. Additional common stock of $$7,500$ was issued during the year ended June $30,20$Y$7.$

Kanpur Co$.$

Statement of Stockholders$$ Equity

For the Year Ended June $30,20$Y$7$

Line Item Description Common Stock Retained Earnings Total

$fill in the blank $38$

$fill in the blank $39$

$fill in the blank $40$

fill in the blank $42$

fill in the blank $43$

fill in the blank $45$

fill in the blank $46$

fill in the blank $48$

fill in the blank $49$

$fill in the blank $51$

$fill in the blank $52$

$fill in the blank $53$

$3.$ Prepare a balance sheet, assuming that the current portion of the note payable is $$18,125.$

KANPUR CO$.$

Balance Sheet

June $30,20$Y$7$

Assets

Current assets:

$fill in the blank $55$

fill in the blank $57$

fill in the blank $59$

fill in the blank $61$

fill in the blank $63$

fill in the blank $65$

Total current assets $fill in the blank $66$

Property, plant, and equipment:

$fill in the blank $68$

fill in the blank $70$

$fill in the blank $72$

$fill in the blank $74$

fill in the blank $76$

fill in the blank $78$

Total property, plant, and equipment fill in the blank $79$

Total assets $fill in the blank $80$

Liabilities

Current liabilities:

$fill in the blank $82$

fill in the blank $84$

fill in the blank $86$

fill in the blank $88$

fill in the blank $90$

Total current liabilities $fill in the blank $91$

Long$-$term liabilities:

fill in the blank $93$

Total liabilities $fill in the blank $94$

Stockholders' equity

$fill in the blank $96$

fill in the blank $98$

Total stockholders' equity fill in the blank $99$

Total liabilities and stockholders' equity $fill in the blank $100$

$4.$ Which type of income statement shows intermediate balances?