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 $111,900 Retained Earnings $493,100 Accounts Receivable 301,000 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 246,200 Depreciation Expense- Store Equipment 35,700 Accumulated Depreciation- Office Equipment Miscellaneous Selling Expense 167,300 15,600 Store Equipment 7683500 Office Salaries Expense 363,900 Accumulated Depreciation- Rent Expense Store Equipment 53,700 246,200 Accounts Payable Depreciation Expense- 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. (final payment due 2024) 357,500 7,100 Store Equipment 246,200 Rent Expense 53,700 Accounts Payable 170,400 Depreciation Expense- Office Equipment Insurance Expense Office Supplies Expense 26,900 16,700 9,900 Miscellaneous Administrative Exp. 7,100 Customer Refunds Payable 10,000 Salaries Payable 10,900 Note Payable (final payment due 2024) 357,500 Common Stock 65,700 Required: 1. Prepare a multiple-step income statement. Interest Expense 10,900 Kanpur Co. Income Statement For the Year Ended June 30, 2047 Sales 4,098,200 Cost of goods sold 2,370,500 Gross profit 1,727,700 Expenses: Selling expenses: Sales 4,098,200 Cost of goods sold 2,370,500 Gross profit 1,727,700 Expenses: Selling expenses: Sales salaries expense 666,600 Advertising expense 183,300 Depreciation expense-store equipment 35,700 Miscellaneous selling expense 15,600 Total selling expenses 901,200 Administrative expenses: Office salaries expense 363,900 Rent expense 53,700 Insurance expense 16,700 Depreciation expense-office equipment Office supplies expense 26,900 9,900 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 Operating income 348,300 Other revenue and expense: Interest expense -10,900 Net Income 337,400 2. Prepare a statement of stockholders' equity. Additional common stock of $7,500 was issued during the year ended June 30, 2 Kanpur Co. Statement of Stockholders' Equity For the Year Ended June 30, 2017 Common Stock Retained Earnings Total 2. Prepare a statement of stockholders' equity. Additional common stock of $7,500 was issued during the year ended June 30, 2047, Kanpur Co. Statement of Stockholders Equity For the Year Ended June 30, 2017 Common Stock Retained Earnings Total Balances, July 1, 2016 58,200 493,100 551,300 Issued common stock 7,500 7,500 Net Income 337,400 337,400 Dividends -67,000 -67,000 Balances, June 30, 20Y7 65,700 763,500 829,200 3. Prepare a balance sheet, assuming that the current portion of the note payable is $17,875. KANPUR CO. Balance Sheet June 30, 2017 Assets Current assets: Cash 111,900 Previous Next C KANPUR CO. Balance Sheet June 30, 2017 Assets Current assets: Cash 111,900 301,000 340,100 Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid Insurance 5,000 8,200 776,700 Total current assets Property, plant, and equipment: Office equipment Accumulated depreciation-office equipment Book value-office equipment Previous Next > Email Instructor Submit Test for Grading Property, plant, and equipment: Office equipment Accumulated depreciation-office equipment Book value-office equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Note payable (current portion) Total current liabilities Long-term liabilities: Total liabilities Liabilities Current liabilities: Accounts payable Salaries payable Note payable (current portion) 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? Multiple-step