1. 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, 20Y7:

   Cash	$126,700		Retained Earnings	$558,400
   Accounts Receivable	337,800		Dividends	75,900
   Inventory	385,100		Sales	4,640,500
   Estimated Returns Inventory	5,000		Cost of Goods Sold	2,684,100
   Office Supplies	11,900		Sales Salaries Expense	754,800
   Prepaid Insurance	9,200		Advertising Expense	207,600
   Office Equipment	278,800		Depreciation Expense Store Equipment	40,400
   Accumulated Depreciation Office Equipment	189,500		Miscellaneous Selling Expense	17,700
   Store Equipment	870,300		Office Salaries Expense	412,100
   Accumulated Depreciation Store Equipment	278,800		Rent Expense	60,800
   Accounts Payable	192,900		Depreciation Expense Office Equipment	30,400
   Customer Refunds Payable	10,000		Insurance Expense	18,900
   Salaries Payable	12,300		Office Supplies Expense	11,200
   Note Payable (final payment due 2024)	405,000		Miscellaneous Administrative Exp.	8,100
   Common Stock	71,700		Interest Expense	12,300

   Required:

   1. Prepare a multiple-step income statement.

   Kanpur Co. Income Statement For the Year Ended June 30, 20Y7
   			$fill in the blank 2
   			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
   	fill in the blank 23
   	fill in the blank 25
   	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 stockholders equity. Additional common stock of $7,500 was issued during the year ended June 30, 20Y7.

   Kanpur Co. Statement of Stockholders Equity For the Year Ended June 30, 20Y7
   	Common Stock	Retained Earnings	Total
   	$fill in the blank 38	$fill in the blank 39	$fill in the blank 40
   	fill in the blank 42		fill in the blank 43
   		fill in the blank 45	fill in the blank 46
   		fill in the blank 48	fill in the blank 49
   	$fill in the blank 51	$fill in the blank 52	$fill in the blank 53

   3. Prepare a balance sheet, assuming that the current portion of the note payable is $20,250.

   KANPUR CO. Balance Sheet June 30, 20Y7
   Assets
   Current assets:
   		$fill in the blank 55
   		fill in the blank 57
   		fill in the blank 59
   		fill in the blank 61
   		fill in the blank 63
   		fill in the blank 65
   Total current assets			$fill in the blank 66
   Property, plant, and equipment:
   	$fill in the blank 68
   	fill in the blank 70
   		$fill in the blank 72
   	$fill in the blank 74
   	fill in the blank 76
   		fill in the blank 78
   Total property, plant, and equipment			fill in the blank 79
   Total assets			$fill in the blank 80
   Liabilities
   Current liabilities:
   		$fill in the blank 82
   		fill in the blank 84
   		fill in the blank 86
   		fill in the blank 88
   Total current liabilities			$fill in the blank 89
   Long-term liabilities:
   			fill in the blank 91
   Total liabilities			$fill in the blank 92
   Stockholders' equity
   		$fill in the blank 94
   		fill in the blank 96
   Total stockholders' equity			fill in the blank 97
   Total liabilities and stockholders' equity			$fill in the blank 98

   4. Which type of income statement shows intermediate balances?