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, 2019:

Cash	$131,200		Gerri Faber, Drawing	$78,600
Accounts Receivable	349,900		Sales	4,744,500
Merchandise Inventory	398,900		Cost of Merchandise Sold	2,780,300
Estimated Returns Inventory	15,750		Sales Salaries Expense	781,800
Office Supplies	12,400		Advertising Expense	215,000
Prepaid Insurance	9,600		Depreciation ExpenseStore Equipment	41,900
Office Equipment	288,800		Miscellaneous Selling Expense	18,300
Accumulated DepreciationOffice Equipment	196,300		Office Salaries Expense	426,800
Store Equipment	901,500		Rent Expense	63,000
Accumulated DepreciationStore Equipment	288,800		Insurance Expense	19,500
Accounts Payable	199,800		Depreciation ExpenseOffice Equipment	31,500
Customer Refunds Payable	31,500		Office Supplies Expense	11,600
Salaries Payable	12,800		Miscellaneous Administrative Exp.	8,400
Note Payable (final payment due 2032)	420,000		Interest Expense	12,800
Gerri Faber, Capital	703,850

Required:

1. Prepare a multiple-step income statement.

Kanpur Co. Income Statement For the Year Ended June 30, 2019
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, 2019

3. Prepare a balance sheet, assuming that the current portion of the note payable is $16,800.

Kanpur Co. Balance Sheet June 30, 2019
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

4. Which type of income statement shows intermediate balances?

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