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, 2019: Cash $116,600 Gerri Faber, Drawing $69,800 Accounts Receivable 311,000 Sales 4,216,400 Merchandise Inventory 354,500 Cost of Merchandise Sold 2,470,900 Estimated Returns Inventory 14,000 Sales Salaries Expense 694,800 Office Supplies 11,000 Advertising Expense 191,100 Prepaid Insurance 8,500 Depreciation Expense—Store Equipment 37,200 Office Equipment 256,700 Miscellaneous Selling Expense 16,300 Accumulated Depreciation—Office Equipment 174,400 Office Salaries Expense 379,300 Store Equipment 801,200 Rent Expense 56,000 Accumulated Depreciation—Store Equipment 256,700 Insurance Expense 17,400 Accounts Payable 177,600 Depreciation Expense—Office Equipment 28,000 Customer Refunds Payable 28,000 Office Supplies Expense 10,300 Salaries Payable 11,300 Miscellaneous Administrative Exp. 7,400 Note Payable (final payment due 2032) 372,500 Interest Expense 11,300 Gerri Faber, Capital 626,400 Required: 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 2019 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2. Prepare a statement of owner's equity. Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2019 3. Prepare a balance sheet, assuming that the current portion of the note payable is $14,900. Kanpur Co. Balance Sheet June 30, 2019 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Owner's equity Total liabilities and owner's equity 4. Which type of income statement shows intermediate balances?

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, 2019: Cash $116,600 Gerri Faber, Drawing $69,800 Accounts Receivable 311,000 Sales 4,216,400 Merchandise Inventory 354,500 Cost of Merchandise Sold 2,470,900 Estimated Returns Inventory 14,000 Sales Salaries Expense 694,800 Office Supplies 11,000 Advertising Expense 191,100 Prepaid Insurance 8,500 Depreciation Expense—Store Equipment 37,200 Office Equipment 256,700 Miscellaneous Selling Expense 16,300 Accumulated Depreciation—Office Equipment 174,400 Office Salaries Expense 379,300 Store Equipment 801,200 Rent Expense 56,000 Accumulated Depreciation—Store Equipment 256,700 Insurance Expense 17,400 Accounts Payable 177,600 Depreciation Expense—Office Equipment 28,000 Customer Refunds Payable 28,000 Office Supplies Expense 10,300 Salaries Payable 11,300 Miscellaneous Administrative Exp. 7,400 Note Payable (final payment due 2032) 372,500 Interest Expense 11,300 Gerri Faber, Capital 626,400 Required: 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 2019 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2. Prepare a statement of owner's equity. Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2019 3. Prepare a balance sheet, assuming that the current portion of the note payable is $14,900. Kanpur Co. Balance Sheet June 30, 2019 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Owner's equity Total liabilities and owner's equity 4. Which type of income statement shows intermediate balances?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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, 2019:

Cash	$116,600	Gerri Faber, Drawing	$69,800
Accounts Receivable	311,000	Sales	4,216,400
Merchandise Inventory	354,500	Cost of Merchandise Sold	2,470,900
Estimated Returns Inventory	14,000	Sales Salaries Expense	694,800
Office Supplies	11,000	Advertising Expense	191,100
Prepaid Insurance	8,500	Depreciation Expense—Store Equipment	37,200
Office Equipment	256,700	Miscellaneous Selling Expense	16,300
Accumulated Depreciation—Office Equipment	174,400	Office Salaries Expense	379,300
Store Equipment	801,200	Rent Expense	56,000
Accumulated Depreciation—Store Equipment	256,700	Insurance Expense	17,400
Accounts Payable	177,600	Depreciation Expense—Office Equipment	28,000
Customer Refunds Payable	28,000	Office Supplies Expense	10,300
Salaries Payable	11,300	Miscellaneous Administrative Exp.	7,400
Note Payable (final payment due 2032)	372,500	Interest Expense	11,300
Gerri Faber, Capital	626,400

Required:

1. Prepare a multiple-step income statement.

Kanpur Co. Income Statement For the Year Ended June 30, 2019



Expenses:
Selling expenses:




Total selling expenses
Administrative expenses:






Total administrative expenses
Total operating expenses

2. Prepare a statement of owner's equity.

Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2019

3. Prepare a balance sheet, assuming that the current portion of the note payable is $14,900.

Kanpur Co. Balance Sheet June 30, 2019
Assets
Current assets:






Total current assets
Property, plant, and equipment:




Total property, plant, and equipment
Total assets
Liabilities
Current liabilities:




Total current liabilities
Long-term liabilities:

Total liabilities
Owner's equity

Total liabilities and owner's equity

4. Which type of income statement shows intermediate balances?

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