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, 2017: Cash S111,900 Retained Earnings $493,100 Accounts Receivable 298,300 Dividends 67,000 Inventory 340,100 Sales 4,098,200 Estimated Returns Inventory 5,000 Cost of Goods Sold 2,370,500 Office Supplies 10,500 Sales Salaries Expense 666,600 Prepaid Insurance 8,200 Advertising Expense 183,300 Office Equipment Depreciation Expense- 246,200 Store Equipment 35,700 Accumulated Depreciation- Miscellaneous Selling Expense 15,600 Office Equipment 167,300 Store Equipment 768,600 Office Salaries Expense 363,900 Accumulated Depreciation- Rent Expense 53,700 Store Equipment 246,200 Depreciation Expense- Accounts Payable 170,400 Office Equipment 26,900 Customer Refunds Payable 10,000 Insurance Expense 16,700 Salaries Payable 10,900 Office Supplies Expense 9,900 Note Payable Miscellaneous Administrative Exp. 7,100 (final payment due 2024) 357,500 Common Stock 63,000 Interest Expense 10,900 Kanpur Co. Income Statement For the Year Ended June 30, 2017 Sales 4,098,200 2,370,500 Cost of goods sold Gross profit 1,727,700 Expenses: Selling expenses: Sales salaries expense 666,600 183,300 Advertising expense Depreciation expense-store equipment Miscellaneous selling expense 35,700 15,600 Total selling expenses 901,200 Administrative expenses: Office salaries expense 363,900 Rent expense 53,700 Insurance expense 16,700 26,900 Depreciation expense-office equipment Office supplies expense Miscellaneous administrative expense 9,900 7,100 Total administrative expenses 478,200 Total operating expenses 1,379,400 Gross profit x 348,300 Other revenue and expense: Interest expense 10,900 Net income s 337,400 2. Prepare a statement of stockholders' equity. Additional common stock of $7,500 was issued during the year ended June 30, 2017. Kanpur Co. Statement of Stockholders' Equity For the Year Ended June 30, 2017 Common Stock Retained Earnings Total Balances, July 1, 2016 Issued common stock Net income Dividends Balances, June 30, 2017 Balance Sheet June 30, 2017 Assets Current assets: Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Total current assets Property, plant, and equipment: Office equipment Accumulated depreciation office equipment Book value-office equipment Store equipment Accumulated depreciation-store equipment Book value-store equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable v Customer refunds payable Note payable (current portion) Total current liabilities Long-term liabilities: Note payable (long-term portion) Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity