The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2016:

Cash	$ 92,000
Accounts Receivable	450,000
Merchandise Inventory	375,000
Office Supplies	10,000
Prepaid Insurance	12,000
Office Equipment	220,000
Accumulated Depreciation-Office Equipment	58,000
Store Equipment	650,000
Accumulated Depreciation-Store Equipment	87,500
Accounts Payable	48,500
Salaries Payable	4,000
Note Payable (final payment due 2032)	140,000
Common Stock	50,000
Retained Earnings	381,000
Dividends	300,000
Sales	8,925,000
Cost of Merchandise Sold	5,620,000
Sales Salaries Expense	850,000
Advertising Expense	420,000
Depreciation Expense-Store Equipment	33,000
Miscellaneous Selling Expense	18,000
Office Salaries Expense	540,000
Rent Expense	48,000
Insurance Expense	24,000
Depreciation Expense-Office Equipment	10,000
Office Supplies Expense	4,000
Miscellaneous Administrative Expense	6,000
Interest Expense	12,000

	Required:
1.	Prepare a multiple-step income statement. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.*
2.	Prepare a retained earnings statement.*
3.	Prepare a report form of balance sheet, assuming that the current portion of the note payable is $7,000. Less or Plus will automatically appear if it is required.*
4.	Answer questions on (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.

INCOME STATEMENT

RETAINED EARNINGS STATEMENT

BALANCE SHEET

I need help please! Thank you so much!

Prepare a multiple-step income statement, assuming that the current portion of the note payable is $7,000. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon will automatically appear if it is required. In the other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign. Score: 52/174 Kanpur Co. Income Statement For the Year Ended June 30, 2016 1 Sales $8,925,000.00 5,620,000.00 $330500000 3 Gross profit 4 (Label) 5 Selling expenses: $420,000.00 6 Advertising expense 33000.00 7 Depreciation expense-store equipment 18,000.00 Miscellaneous selling expense