Multiple-Step Income Statement

Kanpur Co. Income Statement For the Year Ended June 30, 2018 220,000 Equipment 1. Multiple-Step Income Statement The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal Year ended June 30, 2018: Cash 592.000 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 Omice Supplies 10,000 Sales Salaries Expense 850,000 Prepaid Insurance 12.000 Advertising Expense 420,000 Office Equipment Depreciation Expense-Store 33,000 Accumulated Depreciation Office Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment 650,000 Office Salaries Expense 540,000 Accumulated Depreciation Store 87,500 Rent Expense Equipment 48,000 Accounts Payable 38.500 Insurance Expense 24,000 Customers Refunds Payable 100 Depreciation Expense-Office 10,000 Equipment Salaries Payable 4,000 Office Supplies Expense 4,000 Note Payable (final payment due 2034) 140,000 Miscellaneous Administrative Exp. 6,000 Comman Stock 50,000 Interest Expense 12.000 Required: 1. Prepare a multiple-step income statement. Prepare a statement of stockholders' equity. Additional common stock of $7,500 was issued during the year ended June 30, 2018 Kanpur Co. Statement of Stockholders' Equity Common Stock Retained Earnings Total Prepare a balance sheet, assuming that the current portion of the note payable is $7.000. KANPUR CO. Balance Sheet bune 30, 2017 Current assets: Assets SALAH LLAR SEL Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Current liabilities: Lab es 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