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	$132,300		Gerri Faber, Drawing	$79,200
Accounts Receivable	342,400		Sales	4,783,700
Merchandise Inventory	402,200		Cost of Merchandise Sold	2,803,300
Office Supplies	12,500		Sales Salaries Expense	788,300
Prepaid Insurance	9,700		Advertising Expense	216,800
Office Equipment	291,200		Depreciation ExpenseStore Equipment	42,200
Accumulated DepreciationOffice Equipment	197,900		Miscellaneous Selling Expense	18,500
Store Equipment	909,000		Office Salaries Expense	430,400
Accumulated DepreciationStore Equipment	291,200		Rent Expense	63,500
Accounts Payable	201,500		Insurance Expense	19,700
Customer Refunds Payable	31,800		Depreciation ExpenseOffice Equipment	31,800
Salaries Payable	12,900		Office Supplies Expense	11,700
Note Payable (final payment due in eight years)	422,500		Miscellaneous Administrative Exp.	8,400
Gerri Faber, Capital	684,500		Interest Expense	12,900

Required:

1. Prepare a multiple-step income statement.

4. Which type of income statement shows intermediate balances?

Kanpur Co. Income Statement For the Year Ended June 30, 2015 $ Expenses: Selling expenses: $ Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2. Prepare a statement of owner's equity. Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2015 sh 3. Prepare a balance sheet, assuming that the current portion of the note payable is $16,900. Kanpur Co. Balance Sheet June 30, 2015 Assets Current assets: 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