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	$92,000		Gerri Faber, Drawing	$300,000
Accounts Receivable	450,000		Sales	8,925,000
Merchandise Inventory	375,000		Cost of Merchandise Sold	5,620,000
Office Supplies	10,000		Sales Salaries Expense	850,000
Prepaid Insurance	12,000		Advertising Expense	420,000
Office Equipment	220,000		Depreciation ExpenseStore Equipment	33,000
Accumulated DepreciationOffice Equipment	58,000		Miscellaneous Selling Expense	18,000
Store Equipment	650,000		Office Salaries Expense	540,000
Accumulated DepreciationStore Equipment	87,500		Rent Expense	48,000
Accounts Payable	38,500		Insurance Expense	24,000
Customer Refunds Payable	10,000		Depreciation ExpenseOffice Equipment	10,000
Salaries Payable	4,000		Office Supplies Expense	4,000
Note Payable (final payment due in eight years)	140,000		Miscellaneous Administrative Exp.	6,000
Gerri Faber, Capital	431,000		Interest Expense	12,000

|. Expenses: Selling expenses: Total selling expenses 34:] Administrative expenses: ' $:] Total administrative expenses :] \f2. Prepare a statement of owner's equity. Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 20Y53. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. Assets Current assets: [_.. #2 Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Owner's equity Total liabilities and owner's equity