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

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

FINANCIAL ACCOUNTING
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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The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended 30, 20Y5: Cash $114,800 Gerri Faber, Drawing $68,700 Accounts Receivable 299,600 Sales 4,149,200 Merchandise Inventory 348,850 Cost of Merchandise Sold 2,431,500 Office Supplies 10,800 Sales Salaries Expense 683,700 Prepaid Insurance 8,400 Advertising Expense 188,000 Office Equipment 252,600 Depreciation Expense-Store Equipment 36,600 Accumulated Depreciation-Office Equipment 171,600 Miscellaneous Selling Expense 16,000 Store Equipment 788,400 Office Salaries Expense 373,300 Accumulated Depreciation-Store Equipment 252,600 Rent Expense 55,100 Accounts Payable 174,800 Insurance Expense 17,100 Customer Refunds Payable 27,600 Depreciation Expense-Office Equipment 27,600 Salaries Payable 11,200 Office Supplies Expense 10,100 Note Payable (final payment due in eight years) 367,500 Miscellaneous Administrative Exp. 7,300 Gerri Faber, Capital 595,150 Interest Expense 11,200
Transcribed Image Text:The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended 30, 20Y5: Cash $114,800 Gerri Faber, Drawing $68,700 Accounts Receivable 299,600 Sales 4,149,200 Merchandise Inventory 348,850 Cost of Merchandise Sold 2,431,500 Office Supplies 10,800 Sales Salaries Expense 683,700 Prepaid Insurance 8,400 Advertising Expense 188,000 Office Equipment 252,600 Depreciation Expense-Store Equipment 36,600 Accumulated Depreciation-Office Equipment 171,600 Miscellaneous Selling Expense 16,000 Store Equipment 788,400 Office Salaries Expense 373,300 Accumulated Depreciation-Store Equipment 252,600 Rent Expense 55,100 Accounts Payable 174,800 Insurance Expense 17,100 Customer Refunds Payable 27,600 Depreciation Expense-Office Equipment 27,600 Salaries Payable 11,200 Office Supplies Expense 10,100 Note Payable (final payment due in eight years) 367,500 Miscellaneous Administrative Exp. 7,300 Gerri Faber, Capital 595,150 Interest Expense 11,200
3. Prepare a balance sheet, assuming that the current portion of the note payable is $14,700. Kanpur Co. Balance Sheet June 30, 20Y5 Assets Current assets: Cash V Accounts receivable v Merchandise inventory v Office supplies v Prepaid insurance v Total current assets Property, plant, and equipment: Office equipment v Less accumulated depreciation-Office equipment v Store equipment v %24 %24 %24
Transcribed Image Text:3. Prepare a balance sheet, assuming that the current portion of the note payable is $14,700. Kanpur Co. Balance Sheet June 30, 20Y5 Assets Current assets: Cash V Accounts receivable v Merchandise inventory v Office supplies v Prepaid insurance v Total current assets Property, plant, and equipment: Office equipment v Less accumulated depreciation-Office equipment v Store equipment v %24 %24 %24
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