Question
Multiple-Step Income Statementand Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended
Multiple-Step Income Statementand Balance Sheet
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5:
Cash$136,200Gerri Faber, Drawing$81,500Accounts Receivable349,300Sales4,923,600Merchandise Inventory413,950Cost of Merchandise Sold2,885,200Office Supplies12,800Sales Salaries Expense811,300Prepaid Insurance9,900Advertising Expense223,100Office Equipment299,700Depreciation ExpenseStore Equipment43,500Accumulated DepreciationOffice Equipment203,700Miscellaneous Selling Expense19,000Store Equipment935,500Office Salaries Expense442,900Accumulated DepreciationStore Equipment299,700Rent Expense65,400Accounts Payable207,400Insurance Expense20,300Customer Refunds Payable32,700Depreciation ExpenseOffice Equipment32,700Salaries Payable13,200Office Supplies Expense12,000Note Payable (final payment due in eight years)435,000Miscellaneous Administrative Exp.8,700Gerri Faber, Capital700,850Interest Expense13,200
Required:
1.do a multiple-step income statement.
Kanpur Co.
Income Statement
For the Year Ended June 30, 20Y5
$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 expensesfill in the blank 28
Total operating expensesfill in the blank 29
$fill in the blank 31
fill in the blank 34
$fill in the blank 36
2.do a statement of owner's equity.
Kanpur Co.
Statement of Owner's Equity
For the Year Ended June 30, 20Y5
$fill in the blank 38
$fill in the blank 40
fill in the blank 42
fill in the blank 44
$fill in the blank 46
3.do a balance sheet, assuming that the current portion of the note payable is $17,400.
Kanpur Co.
Balance Sheet
June 30, 20Y5AssetsCurrent assets:
$fill in the blank 48
fill in the blank 50
fill in the blank 52
fill in the blank 54
fill in the blank 56
Total current assets$fill in the blank 57
Property, plant, and equipment:
$fill in the blank 59
fill in the blank 61
$fill in the blank 62
$fill in the blank 64
fill in the blank 66
fill in the blank 67
Total property, plant, and equipmentfill in the blank 68
Total assets$fill in the blank 69
LiabilitiesCurrent liabilities:
$fill in the blank 71
fill in the blank 73
fill in the blank 75
fill in the blank 77
Total current liabilities$fill in the blank 78
Long-term liabilities:
fill in the blank 80
Total liabilities$fill in the blank 81
Owner's equity
fill in the blank 83
Total liabilities and owner's equity$fill in the blank 84
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