Multiple-Step Income Statement and Report Form of Balance SheetThe following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:Cash$120,200 Gerri Faber, Drawing$72,000Accounts Receivable326,200 Sales4,344,900Merchandise Inventory365,300 Cost of Merchandise Sold2,546,100Estimated Returns Inventory14,450 Sales Salaries Expense716,000Office Supplies11,300 Advertising Expense196,900Prepaid Insurance8,800 Depreciation Expense—Store Equipment38,400Office Equipment264,500 Miscellaneous Selling Expense16,800Accumulated Depreciation—Office Equipment179,700 Office Salaries Expense390,900Store Equipment825,600 Rent Expense57,700Accumulated Depreciation—Store Equipment264,500 Insurance Expense17,900Accounts Payable183,000 Depreciation Expense—Office Equipment28,900Customer Refunds Payable28,900 Office Supplies Expense10,600Salaries Payable11,700 Miscellaneous Administrative Exp.7,700Note Payable (final payment due 2032)385,000 Interest Expense11,700Gerri Faber, Capital650,250 Required:1. Prepare a multiple-step income statement.Kanpur Co.Income StatementFor the Year Ended June 30, 2019Sales fill in the blank 2 fill in the blank 4 fill in the blank 6Expenses: Selling expenses: fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 Total selling expenses fill in the blank 15 Administrative expenses: fill in the blank 17 fill in the blank 19 fill in the blank 21 fill in the blank 23 fill in the blank 25 fill in the blank 27 Total administrative expenses fill in the blank 28 Total operating expenses fill in the blank 29 fill in the blank 31 fill in the blank 34 fill in the blank 36 2. Prepare a statement of owner's equity.Kanpur Co.Statement of Owner's EquityFor the Year Ended June 30, 2019 fill in the blank 38 fill in the blank 40 fill in the blank 42 fill in the blank 44 fill in the blank 46 3. Prepare a balance sheet, assuming that the current portion of the note payable is $15,400.Kanpur Co.Balance SheetJune 30, 2019AssetsCurrent assets: fill in the blank 48 fill in the blank 50 fill in the blank 52 fill in the blank 54 fill in the blank 56 fill in the blank 58 Total current assets fill in the blank 59Property, plant, and equipment: fill in the blank 61 fill in the blank 63fill in the blank 64 fill in the blank 66 fill in the blank 68fill in the blank 69 Total property, plant, and equipment fill in the blank 70Total assets fill in the blank 71LiabilitiesCurrent liabilities: fill in the blank 73 fill in the blank 75 fill in the blank 77 fill in the blank 79 Total current liabilities fill in the blank 80Long-term liabilities: fill in the blank 82Total liabilities fill in the blank 83Owner's equity fill in the blank 85Total liabilities and owner's equity fill in the blank 86 4. Which type of income statement shows intermediate balances?

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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	$120,200	Gerri Faber, Drawing	$72,000
Accounts Receivable	326,200	Sales	4,344,900
Merchandise Inventory	365,300	Cost of Merchandise Sold	2,546,100
Estimated Returns Inventory	14,450	Sales Salaries Expense	716,000
Office Supplies	11,300	Advertising Expense	196,900
Prepaid Insurance	8,800	Depreciation Expense—Store Equipment	38,400
Office Equipment	264,500	Miscellaneous Selling Expense	16,800
Accumulated Depreciation—Office Equipment	179,700	Office Salaries Expense	390,900
Store Equipment	825,600	Rent Expense	57,700
Accumulated Depreciation—Store Equipment	264,500	Insurance Expense	17,900
Accounts Payable	183,000	Depreciation Expense—Office Equipment	28,900
Customer Refunds Payable	28,900	Office Supplies Expense	10,600
Salaries Payable	11,700	Miscellaneous Administrative Exp.	7,700
Note Payable (final payment due 2032)	385,000	Interest Expense	11,700
Gerri Faber, Capital	650,250

Required:

1. Prepare a multiple-step income statement.

Kanpur Co. Income Statement For the Year Ended June 30, 2019
Sales			fill in the blank 2
			fill in the blank 4
			fill in the blank 6
Expenses:
Selling expenses:
	fill in the blank 8
	fill in the blank 10
	fill in the blank 12
	fill in the blank 14
Total selling expenses		fill in the blank 15
Administrative expenses:
	fill in the blank 17
	fill in the blank 19
	fill in the blank 21
	fill in the blank 23
	fill in the blank 25
	fill in the blank 27
Total administrative expenses		fill in the blank 28
Total operating expenses			fill in the blank 29
			fill in the blank 31

			fill in the blank 34
			fill in the blank 36

2. Prepare a statement of owner's equity.

Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2019
		fill in the blank 38
	fill in the blank 40
	fill in the blank 42
		fill in the blank 44
		fill in the blank 46

3. Prepare a balance sheet, assuming that the current portion of the note payable is $15,400.

Kanpur Co. Balance Sheet June 30, 2019
Assets
Current assets:
		fill in the blank 48
		fill in the blank 50
		fill in the blank 52
		fill in the blank 54
		fill in the blank 56
		fill in the blank 58
Total current assets			fill in the blank 59
Property, plant, and equipment:
	fill in the blank 61
	fill in the blank 63	fill in the blank 64
	fill in the blank 66
	fill in the blank 68	fill in the blank 69
Total property, plant, and equipment			fill in the blank 70
Total assets			fill in the blank 71
Liabilities
Current liabilities:
		fill in the blank 73
		fill in the blank 75
		fill in the blank 77
		fill in the blank 79
Total current liabilities			fill in the blank 80
Long-term liabilities:
			fill in the blank 82
Total liabilities			fill in the blank 83
Owner's equity
			fill in the blank 85
Total liabilities and owner's equity			fill in the blank 86

4. Which type of income statement shows intermediate balances?

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