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Using information below, please complete the tables of the income sheet, balance sheet, owners equity PR 6-5B Multiple-step income statement and report form of balance

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PR 6-5B 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, 2014: OBJ, 3 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- $ 92,000 Sales 50,000 Sales Returns and Allowances 375,000 Sales Discounts 10,000Cost of Merchandise Sold 12,000 Sales Salaries Expense 220,000 Advertising Expense 9,175,000 160,000 90,000 5,620,000 850,000 420,000 Depreciation Expense- Office Equipment Store Equipment Accumulated Depreciation- 58,000Store Equipment 50,000 Miscellaneous Selling Expense 33,000 18,000 540,000 48,000 24,000 Office Salaries Expense Store Equipment Accounts Payable Salaries Payable Note Payable 87,500 Rent Expense 48,500 Insurance Expense ,000Depreciation Expense 10,000 4,000 6,000 12,000 Office Equipment (final payment due 2032) Gerri Faber, Capital Gerri Faber, Drawing 40,000Office Supplies Expense 31,000Miscellaneous Administrative Exp 00,000Interest Expense Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $7,000 4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ

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