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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 the fiscal year

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:

Cash $112,800 Retained Earnings $497,100
Accounts Receivable 300,700 Dividends 67,500
Inventory 342,800 Sales 4,130,700
Estimated Returns Inventory 5,000 Cost of Goods Sold 2,389,300
Office Supplies 10,600 Sales Salaries Expense 671,900
Prepaid Insurance 8,200 Advertising Expense 184,800
Office Equipment 248,200 Depreciation Expense Store Equipment 36,000
Accumulated Depreciation Office Equipment 168,700 Miscellaneous Selling Expense 15,800
Store Equipment 774,700 Office Salaries Expense 366,800
Accumulated Depreciation Store Equipment 248,200 Rent Expense 54,200
Accounts Payable 171,700 Depreciation Expense Office Equipment 27,100
Customer Refunds Payable 10,000 Insurance Expense 16,800
Salaries Payable 11,000 Office Supplies Expense 9,900
Note Payable (final payment due 2024) 360,000 Miscellaneous Administrative Exp. 7,200
Common Stock 63,900 Interest Expense 11,000

Required:

1. Prepare a multiple-step income statement.

Kanpur Co. Income Statement For the Year Ended June 30, 20Y7
$
$
Expenses:
Selling expenses:
$
Total selling expenses $
Administrative expenses:
$
Total administrative expenses
Total operating expenses
$
$

2. Prepare a statement of stockholders equity. Additional common stock of $7,500 was issued during the year ended June 30, 20Y7.

Kanpur Co. Statement of Stockholders Equity For the Year Ended June 30, 20Y7
Common Stock Retained Earnings Total
$ $ $
$ $ $

3. Prepare a balance sheet, assuming that the current portion of the note payable is $18,000.

KANPUR CO. Balance Sheet June 30, 20Y7
Assets
Current assets:
$
Total current assets $
Property, plant, and equipment:
$
$
$
Total property, plant, and equipment
Total assets $
Liabilities
Current liabilities:
$
Total current liabilities $
Long-term liabilities:
Total liabilities $
Stockholders' equity
$
Total stockholders' equity
Total liabilities and stockholders' equity $

4. Which type of income statement shows intermediate balances?

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