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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 | $117,000 | Retained Earnings | $515,500 | |
Accounts Receivable | 314,600 | Dividends | 70,000 | |
Inventory | 355,500 | Sales | 4,283,800 | |
Estimated Returns Inventory | 5,000 | Cost of Goods Sold | 2,477,800 | |
Office Supplies | 11,000 | Sales Salaries Expense | 696,800 | |
Prepaid Insurance | 8,500 | Advertising Expense | 191,600 | |
Office Equipment | 257,400 | Depreciation Expense Store Equipment | 37,300 | |
Accumulated Depreciation Office Equipment | 174,900 | Miscellaneous Selling Expense | 16,400 | |
Store Equipment | 803,400 | Office Salaries Expense | 380,400 | |
Accumulated Depreciation Store Equipment | 257,400 | Rent Expense | 56,200 | |
Accounts Payable | 178,100 | Depreciation Expense Office Equipment | 28,100 | |
Customer Refunds Payable | 10,000 | Insurance Expense | 17,400 | |
Salaries Payable | 11,400 | Office Supplies Expense | 10,300 | |
Note Payable (final payment due 2024) | 375,000 | Miscellaneous Administrative Exp. | 7,500 | |
Common Stock | 67,500 | Interest Expense | 11,400 |
Required:
1. Prepare a multiple-step income statement.
2. Prepare a statement of stockholders equity. Additional common stock of $7,500 was issued during the year ended June 30, 20Y7.
3. Prepare a balance sheet, assuming that the current portion of the note payable is $18,750
4. Which type of income statement shows intermediate balances?
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