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Multiple - step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co . for

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 30,20Y7:
Account Amount
Cash $130,200
Accounts Receivable 347,100
Inventory 395,700
Estimated Returns Inventory 5,000
Office Supplies 12,300
Prepaid Insurance 9,500
Office Equipment 286,500
Accumulated DepreciationOffice Equipment 194,700
Store Equipment 894,300
Accumulated DepreciationStore Equipment 286,500
Accounts Payable 195,200
Salaries Payable 12,700
Customer Refunds Payable 10,000
Estimated Coupons Payable 3,000
Note Payable (final payment due in 20 years)417,500
Maya Kanpur, Capital 646,500
Maya Kanpur, Drawing 78,000
Sales 4,768,200
Cost of Goods Sold 2,758,000
Sales Salaries Expense 775,600
Advertising Expense 213,300
Depreciation ExpenseStore Equipment 41,500
Miscellaneous Selling Expense 18,200
Office Salaries Expense 423,400
Rent Expense 62,500
Insurance Expense 19,400
Depreciation ExpenseOffice Equipment 31,300
Office Supplies Expense 11,500
Miscellaneous Administrative Expense 8,300
Interest Expense 12,700
Required:
1. Prepare a multiple-step income statement.
2. Prepare a statement of owners equity. Maya Kanpur invested an additional $7,500 in the business during the year ended June 30,20Y7.
3. Prepare a balance sheet, assuming that the current portion of the note payable is $20,875.
4. Which type of income statement shows intermediate balances?

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