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	$118,100		Gerri Faber, Drawing	$70,700
Accounts Receivable	302,800		Sales	4,268,100
Merchandise Inventory	358,850		Cost of Merchandise Sold	2,501,200
Office Supplies	11,100		Sales Salaries Expense	703,300
Prepaid Insurance	8,600		Advertising Expense	193,400
Office Equipment	259,800		Depreciation ExpenseStore Equipment	37,700
Accumulated DepreciationOffice Equipment	176,600		Miscellaneous Selling Expense	16,500
Store Equipment	811,000		Office Salaries Expense	384,000
Accumulated DepreciationStore Equipment	259,800		Rent Expense	56,700
Accounts Payable	179,800		Insurance Expense	17,600
Customer Refunds Payable	28,300		Depreciation ExpenseOffice Equipment	28,300
Salaries Payable	11,500		Office Supplies Expense	10,400
Note Payable (final payment due in eight years)	377,500		Miscellaneous Administrative Exp.	7,500
Gerri Faber, Capital	607,450		Interest Expense	11,500

Required:

1. Prepare a multiple-step income statement.

2. Prepare a statement of owner's equity.

3. Prepare a balance sheet, assuming that the current portion of the note payable is $15,100.

4. Which type of income statement shows intermediate balances? Multi-step or Single-step

Kanpur Co. Income Statement For the Year Ended June 30, 2045 Expenses: Selling expenses: UT Total selling expenses Administrative expenses: III Total administrative expenses Total operating expenses = Income from operations Other expense: Interest expense II Net income Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2015 Kanpur Co. Balance Sheet June 30, 2015 Assets Current assets: $ Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Owner's equity Total liabilities and owner's equity