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, 20Y5:

Cash	$121,200		Gerri Faber, Drawing	$72,600
Accounts Receivable	313,600		Sales	4,381,700
Merchandise Inventory	368,400		Cost of Merchandise Sold	2,567,700
Office Supplies	11,400		Sales Salaries Expense	722,100
Prepaid Insurance	8,800		Advertising Expense	198,600
Office Equipment	266,700		Depreciation ExpenseStore Equipment	38,700
Accumulated DepreciationOffice Equipment	181,300		Miscellaneous Selling Expense	16,900
Store Equipment	832,600		Office Salaries Expense	394,200
Accumulated DepreciationStore Equipment	266,700		Rent Expense	58,200
Accounts Payable	184,600		Insurance Expense	18,100
Customer Refunds Payable	29,100		Depreciation ExpenseOffice Equipment	29,100
Salaries Payable	11,800		Office Supplies Expense	10,700
Note Payable (final payment due in eight years)	387,500		Miscellaneous Administrative Exp.	7,700
Gerri Faber, Capital	626,400		Interest Expense	11,800

Required:

1. Prepare a multiple-step income statement.

Kanpur Co. Income Statement For the Year Ended June 30, 20Y5
			$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.

Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 20Y5
		$fill in the blank 38
	$fill in the blank 40
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		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 $15,500.

Kanpur Co. Balance Sheet June 30, 20Y5
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
Total current assets			$fill in the blank 57
Property, plant, and equipment:
	$fill in the blank 59
	fill in the blank 61	$fill in the blank 62
	$fill in the blank 64
	fill in the blank 66	fill in the blank 67
Total property, plant, and equipment			fill in the blank 68
Total assets			$fill in the blank 69
Liabilities
Current liabilities:
		$fill in the blank 71
		fill in the blank 73
		fill in the blank 75
		fill in the blank 77
Total current liabilities			$fill in the blank 78
Long-term liabilities:
			fill in the blank 80
Total liabilities			$fill in the blank 81
Owner's equity
			fill in the blank 83
Total liabilities and owner's equity			$fill in the blank 84

4. Which type of income statement shows intermediate balances?