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	$136,200		Gerri Faber, Drawing	$81,500
Accounts Receivable	349,300		Sales	4,923,600
Merchandise Inventory	413,950		Cost of Merchandise Sold	2,885,200
Office Supplies	12,800		Sales Salaries Expense	811,300
Prepaid Insurance	9,900		Advertising Expense	223,100
Office Equipment	299,700		Depreciation ExpenseStore Equipment	43,500
Accumulated DepreciationOffice Equipment	203,700		Miscellaneous Selling Expense	19,000
Store Equipment	935,500		Office Salaries Expense	442,900
Accumulated DepreciationStore Equipment	299,700		Rent Expense	65,400
Accounts Payable	207,400		Insurance Expense	20,300
Customer Refunds Payable	32,700		Depreciation ExpenseOffice Equipment	32,700
Salaries Payable	13,200		Office Supplies Expense	12,000
Note Payable (final payment due in eight years)	435,000		Miscellaneous Administrative Exp.	8,700
Gerri Faber, Capital	700,850		Interest Expense	13,200

Required:

1. Prepare a multiple-step income statement.

Kanpur Co. Income Statement For the Year Ended June 30, 20Y5
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			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
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	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
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	$fill in the blank 40
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		$fill in the blank 46

3. Prepare a balance sheet, assuming that the current portion of the note payable is $17,400.

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