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 $$92,000$

Accounts Receivable $450,000$

Inventory $370,000$

Estimated Returns Inventory $5,000$

Office Supplies $10,000$

Prepaid Insurance $12,000$

Office Equipment $220,000$

Accumulated Depreciation$$Office Equipment $58,000$

Store Equipment $650,000$

Accumulated Depreciation$$Store Equipment $87,500$

Accounts Payable $35,500$

Salaries Payable $4,000$

Customer Refunds Payable $10,000$

Estimated Coupons Payable $3,000$

Note Payable $($final payment due in $20$ years$)140,000$

Maya Kanpur, Capital $431,000$

Maya Kanpur, Drawing $300,000$

Sales $8,925,000$

Cost of Goods Sold $5,620,000$

Sales Salaries Expense $850,000$

Advertising Expense $420,000$

Depreciation Expense$$Store Equipment $33,000$

Miscellaneous Selling Expense $18,000$

Office Salaries Expense $540,000$

Rent Expense $48,000$

Insurance Expense $24,000$

Depreciation Expense$$Office Equipment $10,000$

Office Supplies Expense $4,000$

Miscellaneous Administrative Expense $6,000$

Interest Expense $12,000$ 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 owner$$s equity. Maya Kanpur invested an additional $$7,500$ in the business during the year ended June $30,20$Y$7.$

Kanpur Co$.$

Statement of Owner's Equity

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

Line Item Description Total

$fill in the blank $38$

fill in the blank $40$

fill in the blank $42$

fill in the blank $44$

$fill in the blank $46$

$3.$ Prepare a balance sheet, assuming that the current portion of the note payable is $$7,000.$

KANPUR CO$.$

Balance Sheet

June $30,20$Y$7$

Assets

Current assets:

$fill in the blank $48$

fill in the blank $50$

fill in the blank $52$

fill in the blank $54$

fill in the blank $56$

fill in the blank $58$

Total current assets $fill in the blank $59$

Property, plant, and equipment:

$fill in the blank $61$

fill in the blank $63$

$fill in the blank $65$

$fill in the blank $67$

fill in the blank $69$

fill in the blank $71$

Total property, plant, and equipment fill in the blank $72$

Total assets $fill in the blank $73$

Liabilities

Current liabilities:

$fill in the blank $75$

fill in the blank $77$

fill in the blank $79$

fill in the blank $81$

fill in the blank $83$

Total current liabilities $fill in the blank $84$

Long$-$term liabilities:

fill in the blank $86$

Total liabilities $fill in the blank $87$

Owner's equity

fill in the blank $89$

Total liabilities and owner's equity $fill in the blank $90$

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