The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5: Cash $92,000 Gerri Faber, Drawing $300,000 Accounts Receivable 450,000 Sales 8,925,000 Merchandise Inventory 375,000 Cost of Merchandise Sold 5,620,000 Office Supplies 10,000 Sales Salaries Expense 850,000 Prepaid Insurance 12,000 Advertising Expense 420,000 Office Equipment 220,000 Depreciation Expense—Store Equipment 33,000 Accumulated Depreciation—Office Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment 650,000 Office Salaries Expense 540,000 Accumulated Depreciation—Store Equipment 87,500 Rent Expense 48,000 Accounts Payable 38,500 Insurance Expense 24,000 Customer Refunds Payable 10,000 Depreciation Expense—Office Equipment 10,000 Salaries Payable 4,000 Office Supplies Expense 4,000 Note Payable (final payment due in eight years) 140,000 Miscellaneous Administrative Exp. 6,000 Gerri Faber, Capital 431,000 Interest Expense 12,000 Required: 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 20Y5 $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

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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Question

The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5:

Cash	$92,000	Gerri Faber, Drawing	$300,000
Accounts Receivable	450,000	Sales	8,925,000
Merchandise Inventory	375,000	Cost of Merchandise Sold	5,620,000
Office Supplies	10,000	Sales Salaries Expense	850,000
Prepaid Insurance	12,000	Advertising Expense	420,000
Office Equipment	220,000	Depreciation Expense—Store Equipment	33,000
Accumulated Depreciation—Office Equipment	58,000	Miscellaneous Selling Expense	18,000
Store Equipment	650,000	Office Salaries Expense	540,000
Accumulated Depreciation—Store Equipment	87,500	Rent Expense	48,000
Accounts Payable	38,500	Insurance Expense	24,000
Customer Refunds Payable	10,000	Depreciation Expense—Office Equipment	10,000
Salaries Payable	4,000	Office Supplies Expense	4,000
Note Payable (final payment due in eight years)	140,000	Miscellaneous Administrative Exp.	6,000
Gerri Faber, Capital	431,000	Interest Expense	12,000

Required:

1. Prepare a multiple-step income statement.

Kanpur Co. Income Statement For the Year Ended June 30, 20Y5
			$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

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