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, 2017: Cash $128,900 Retained Earnings $568,300 Accounts Receivable 343,800 Dividends 77,200 Inventory 391,900 Sales 4,722,400 Estimated Returns Inventory 5,000 Cost of Goods Sold 2,731,500 Office Supplies 12,100 Sales Salaries Expense 768,100 Prepaid Insurance 9,400 Advertising Expense 211,200 Depreciation Expense- Office Equipment 283,700 Store Equipment 41,100 Accumulated Depreciation- Miscellaneous Selling Expense 18,000 Office Equipment 192,800 Store Equipment 885,700 Office Salaries Expense 419,300 Accumulated Depreciation- Rent Expense 61,900 Store Equipment 283,700 Accounts Payable 196,300 Depreciation Expense- Office Equipment 31,000 Customer Refunds Payable 10,000 Insurance Expense 19,200 Salaries Payable 12,500 Office Supplies Expense 11,400 Note Payable Miscellaneous Administrative Exp. 8,200 (final payment due 2024) 412,500 Common Stock 72,600 Interest Expense 12,500 Required: 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 2017 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 2017 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Check My Work 5 more Check My Work uses remaining 53:10 earch ow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessio eBook Calculator Total administrative expenses Total operating expenses 2. Prepare a statement of stockholders' equity. Additional common stock of $7,500 was issued during the year ended June 30, 2017. Kanpur Co. Statement of Stockholders' Equity For the Year Ended June 30, 2017 Common Stock Retained Earnings Total 3. Prepare a balance sheet, assuming that the current portion of the note payable is $20,625. KANPUR CO now.com/ilm/take Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocato eBook Calculator 3. Prepare a balance sheet, assuming that the current portion of the note payable is $20,625. KANPUR CO. Balance Sheet June 30, 2017 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator= eBook Calculator Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 4. Which type of income statement shows intermediate balances
