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, 2085: Cash $119,100 Gerri Faber, Drawing $71,300 Accounts Receivable 305,500 Sales 4,306,200 Merchandise Inventory 362,050 Cost of Merchandise Sold 2,523,500 Office Supplies 11,200 Sales Salaries Expense 709,600 Prepaid Insurance 8,700 Advertising Expense 195,100 Office Equipment 262,100 Depreciation Expense-Store Equipment 38,000 Accumulated Depreciation-Office Equipment 178,100 Miscellaneous Selling Expense 16,700 Store Equipment 818,200 Office Salaries Expense 387,400 Accumulated Depreciation-Store Equipment 262,100 Rent Expense 57,200 Accounts Payable 181,400 Insurance Expense 17,700 Customer Refunds Payable 28,600 Depreciation Expense-Office Equipment 28,600 Salaries Payable 11,600 Office Supplies Expense 10,500 Note Payable (final payment due in eight years) 380,000 Miscellaneous Administrative Exp. 7,600 Gerri Faber, Capital 613,650 Interest Expense 11,600 Required: 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 2015 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 2015 Sales Cost of merchandise sold 4,306,200 Gross profit 2,523,500 Expenses: 1,782,700 Selling expenses: Sales salaries expense Advertising expense 709,600 195,100 Depreciation expense-store equipment 38,000 Miscellaneous selline expense 16,700 Total selling expenses Administrative expenses: 959,400 Office salaries expense 387,400 Rent expense Insurance expense 57,200 17,700 Depreciation expense-office equipment 28,600 Office supplies expense Miscellaneous administrative expense 10,500 7,600 Total administrative expenses Ne All Selling expenses: Sales salaries expense 709,600 Advertising expense 195,100 38,000 16,700 Depreciation expense-store equipment Miscellaneous selling expense Total selling expenses Administrative expenses: Office salaries expense Rent expense 959,400 387,400 57,200 17,700 Insurance expense Depreciation expense-office equipment Office supplies expense 28,600 10,500 Miscellaneous administrative expense 7,600 Total administrative expenses Total operating expenses 2. Prepare a statement of owner's equity. 2. Prepare a statement of owner's equity. Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2045 3. Prepare a balance sheet, assuming that the current portion of the note payable is $15,200. Kanpur Co. Balance Sheet June 30, 2015 Assets Current assets: 3. Prepare a balance sheet, assuming that the current portion of the note payable is $15,200. Kanpur Co. Balance Sheet June 30, 2015 Assets Current assets: Total current assets Property, plant, and equipment: II Total property, plant, and equipment Total assets Labilities Current liabilities: Total current assets Property, plant, and equipment: 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 Total liabilities and owner's equity 4. Which type of income statement shows intermediate balances