The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended30, 20Y5:Cash$114,800 Gerri Faber, Drawing$68,700Accounts Receivable299,600 Sales4,149,200Merchandise Inventory348,850 Cost of Merchandise Sold2,431,500Office Supplies10,800 Sales Salaries Expense683,700Prepaid Insurance8,400 Advertising Expense188,000Office Equipment252,600 Depreciation Expense-Store Equipment36,600Accumulated Depreciation-Office Equipment171,600 Miscellaneous Selling Expense16,000Store Equipment788,400 Office Salaries Expense373,300Accumulated Depreciation-Store Equipment252,600 Rent Expense55,100Accounts Payable174,800 Insurance Expense17,100Customer Refunds Payable27,600 Depreciation Expense-Office Equipment27,600Salaries Payable11,200 Office Supplies Expense10,100Note Payable (final payment due in eight years) 367,500 Miscellaneous Administrative Exp.7,300Gerri Faber, Capital595,150 Interest Expense11,200 3. Prepare a balance sheet, assuming that the current portion of the note payable is $14,700.Kanpur Co.Balance SheetJune 30, 20Y5AssetsCurrent assets:Cash VAccounts receivable vMerchandise inventory vOffice supplies vPrepaid insurance vTotal current assetsProperty, plant, and equipment:Office equipment vLess accumulated depreciation-Office equipment vStore equipment v%24%24%24

Particulars Amount Amount Current Assets: Cash $114,800 Accounts Receivable $299,600…

Answered: Prepare a balance sheet, assuming that…

Business

Accounting

Prepare a balance sheet, assuming that the current portion of the note payable is $14,700. Kanpur Co.

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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118. Subject :- Accounting
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