Multiple-Step Income Statement and Report Form of Balance Sheet

The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2018:

Cash $92,000 Retained Earnings $381,000 Accounts Receivable 450,000 Dividends 300,000 Inventory 370,000 Sales 8,925,000 Estimated Returns Inventory 5,000 Cost of Goods Sold 5,620,000 Office Supplies 10,000 Sales Salaries Expense 850,000 Prepaid Insurance 12,000 Advertising Expense 420,000 Office Equipment 220,000 Depreciation ExpenseStore Equipment 33,000 Accumulated DepreciationOffice Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment 650,000 Office Salaries Expense 540,000 Accumulated DepreciationStore Equipment 87,500 Rent Expense 48,000 Accounts Payable 38,500 Insurance Expense 24,000 Customers Refunds Payable 10,000 Depreciation ExpenseOffice Equipment 10,000 Salaries Payable 4,000 Office Supplies Expense 4,000 Note Payable (final payment due 2034) 140,000 Miscellaneous Administrative Exp. 6,000 Common Stock 50,000 Interest Expense 12,000

Required:

1. Prepare a multiple-step income statement.

KANPUR CO. Income Statement For the Year Ended June 30, 2018 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses

2. Prepare a retained earnings statement.

KANPUR CO. Retained Earnings Statement For the Year Ended June 30, 2018

3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000.

KANPUR CO. Balance Sheet June 30, 2018 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 Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity

4. Which type of income statement shows intermediate balances?