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

Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 11.
2. Prepare a statement of owner's equity.
3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $7,000.
4. Prepare closing entries as of June 30, 2016?

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Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance 92,000 Gerri Faber, Drawing 50,000Sales 375,000 Cost of Merchandise Sold 10,000 Sales Salaries Expense 12,000 Advertising Expense 220,000 Depeciation Expense 300,000 8,925,000 5,620,000 850,000 420,000 33,000 18,000 540,000 48,000 24,000 Accumulated Depreciation Store Equipment Office Equipment Store Equipment Accumulated Depreciation Selling Expense 650,000 Office Salaries Expense Rent Expense Store Equipment Accounts Payable Salaries Payable Note Payable 87,500 Insurance Expense 48,500 Depreciation Expense- 4,000 Office Equipment 10,000 4,000 40,000 Miscellaneous Administrative Exp6,000 12,000 Office Supplies Expense (final payment due 2032) Gerri Faber, Capital 431,000 Interest Expense