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Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 20Y5 Gerri Faber, capital, July 1, 20Y4 V Net income for the year Withdrawals v Increase in owner's equity v Gerri Faber, capital, June 30, 20Y5 V

Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 20Y5 Gerri Faber, capital, July 1, 20Y4 V Net income for the year Withdrawals v Increase in owner's equity v Gerri Faber, capital, June 30, 20Y5 V

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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### Kanpur Co. - Statement of Owner's Equity **For the Year Ended June 30, 20Y5** 1. **Gerri Faber, capital, July 1, 20Y4** - Initial capital balance. - **Amount:** (To be filled in the space provided) 2. **Net income for the year** - The net income earned during the year. - **Amount:** (To be filled in the space provided) 3. **Withdrawals** - The amount withdrawn by the owner during the year. - **Amount:** (To be filled in the space provided) 4. **Increase in owner's equity** - The change in equity after accounting for the net income and withdrawals. - **Amount:** (To be filled in the space provided) 5. **Gerri Faber, capital, June 30, 20Y5** - Ending capital balance. - **Amount:** (To be filled in the space provided) This statement outlines the changes in owner's equity over the fiscal year by considering the opening balance, net income, and withdrawals to arrive at the closing balance.
Transcribed Image Text:### Kanpur Co. - Statement of Owner's Equity **For the Year Ended June 30, 20Y5** 1. **Gerri Faber, capital, July 1, 20Y4** - Initial capital balance. - **Amount:** (To be filled in the space provided) 2. **Net income for the year** - The net income earned during the year. - **Amount:** (To be filled in the space provided) 3. **Withdrawals** - The amount withdrawn by the owner during the year. - **Amount:** (To be filled in the space provided) 4. **Increase in owner's equity** - The change in equity after accounting for the net income and withdrawals. - **Amount:** (To be filled in the space provided) 5. **Gerri Faber, capital, June 30, 20Y5** - Ending capital balance. - **Amount:** (To be filled in the space provided) This statement outlines the changes in owner's equity over the fiscal year by considering the opening balance, net income, and withdrawals to arrive at the closing balance.
### Kanpur Co. Ledger Overview for Fiscal Year Ended 30, 20Y5 The following is a list of selected accounts along with their current balances from the ledger of Kanpur Co. This information is valuable for understanding the company's financial position and performance for the fiscal year ended 30, 20Y5. #### Assets: - **Cash:** $114,800 - **Accounts Receivable:** $299,600 - **Merchandise Inventory:** $348,850 - **Office Supplies:** $10,800 - **Prepaid Insurance:** $8,400 - **Office Equipment:** $252,600 - **Accumulated Depreciation—Office Equipment:** $171,600 - **Store Equipment:** $788,400 - **Accumulated Depreciation—Store Equipment:** $252,600 #### Liabilities: - **Accounts Payable:** $174,800 - **Customer Refunds Payable:** $27,600 - **Salaries Payable:** $11,200 - **Note Payable (final payment due in eight years):** $367,500 #### Equity: - **Gerri Faber, Capital:** $595,150 - **Gerri Faber, Drawing:** $68,700 #### Revenues: - **Sales:** $4,149,200 #### Expenses: - **Cost of Merchandise Sold:** $2,431,500 - **Sales Salaries Expense:** $683,700 - **Advertising Expense:** $188,000 - **Depreciation Expense—Store Equipment:** $36,600 - **Miscellaneous Selling Expense:** $16,000 - **Office Salaries Expense:** $373,300 - **Rent Expense:** $55,100 - **Insurance Expense:** $17,100 - **Depreciation Expense—Office Equipment:** $27,600 - **Office Supplies Expense:** $10,100 - **Miscellaneous Administrative Expense:** $7,300 - **Interest Expense:** $11,200 This ledger provides insights into the financial activities and obligations of Kanpur Co. within the given fiscal year, highlighting key areas of asset investment, liability commitments, equity status, revenue generation, and expense management.
Transcribed Image Text:### Kanpur Co. Ledger Overview for Fiscal Year Ended 30, 20Y5 The following is a list of selected accounts along with their current balances from the ledger of Kanpur Co. This information is valuable for understanding the company's financial position and performance for the fiscal year ended 30, 20Y5. #### Assets: - **Cash:** $114,800 - **Accounts Receivable:** $299,600 - **Merchandise Inventory:** $348,850 - **Office Supplies:** $10,800 - **Prepaid Insurance:** $8,400 - **Office Equipment:** $252,600 - **Accumulated Depreciation—Office Equipment:** $171,600 - **Store Equipment:** $788,400 - **Accumulated Depreciation—Store Equipment:** $252,600 #### Liabilities: - **Accounts Payable:** $174,800 - **Customer Refunds Payable:** $27,600 - **Salaries Payable:** $11,200 - **Note Payable (final payment due in eight years):** $367,500 #### Equity: - **Gerri Faber, Capital:** $595,150 - **Gerri Faber, Drawing:** $68,700 #### Revenues: - **Sales:** $4,149,200 #### Expenses: - **Cost of Merchandise Sold:** $2,431,500 - **Sales Salaries Expense:** $683,700 - **Advertising Expense:** $188,000 - **Depreciation Expense—Store Equipment:** $36,600 - **Miscellaneous Selling Expense:** $16,000 - **Office Salaries Expense:** $373,300 - **Rent Expense:** $55,100 - **Insurance Expense:** $17,100 - **Depreciation Expense—Office Equipment:** $27,600 - **Office Supplies Expense:** $10,100 - **Miscellaneous Administrative Expense:** $7,300 - **Interest Expense:** $11,200 This ledger provides insights into the financial activities and obligations of Kanpur Co. within the given fiscal year, highlighting key areas of asset investment, liability commitments, equity status, revenue generation, and expense management.
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