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 Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. Kanpur Co. Balance Sheet June 30, 20Y5 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 Total current assets $fill in the blank 57 Property, plant, and equipment: $fill in the blank 59 fill in the blank 61 $fill in the blank 62 $fill in the blank 64 fill in the blank 66 fill in the blank 67 Total property, plant, and equipment fill in the blank 68 Total assets $fill in the blank 69 Liabilities Current liabilities: $fill in the blank 71 fill in the blank 73 fill in the blank 75 fill in the blank 77 Total current liabilities $fill in the blank 78 Long-term liabilities: fill in the blank 80 Total liabilities $fill in the blank 81 Owner's equity fill in the blank 83 Total liabilities and owner's equity $fill in the blank 84

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 Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. Kanpur Co. Balance Sheet June 30, 20Y5 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 Total current assets $fill in the blank 57 Property, plant, and equipment: $fill in the blank 59 fill in the blank 61 $fill in the blank 62 $fill in the blank 64 fill in the blank 66 fill in the blank 67 Total property, plant, and equipment fill in the blank 68 Total assets $fill in the blank 69 Liabilities Current liabilities: $fill in the blank 71 fill in the blank 73 fill in the blank 75 fill in the blank 77 Total current liabilities $fill in the blank 78 Long-term liabilities: fill in the blank 80 Total liabilities $fill in the blank 81 Owner's equity fill in the blank 83 Total liabilities and owner's equity $fill in the blank 84

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

Prepare a balance sheet, assuming that the current portion of the note payable is $7,000.

Kanpur Co. Balance Sheet June 30, 20Y5
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
Total current assets			$fill in the blank 57
Property, plant, and equipment:
	$fill in the blank 59
	fill in the blank 61	$fill in the blank 62
	$fill in the blank 64
	fill in the blank 66	fill in the blank 67
Total property, plant, and equipment			fill in the blank 68
Total assets			$fill in the blank 69
Liabilities
Current liabilities:
		$fill in the blank 71
		fill in the blank 73
		fill in the blank 75
		fill in the blank 77
Total current liabilities			$fill in the blank 78
Long-term liabilities:
			fill in the blank 80
Total liabilities			$fill in the blank 81
Owner's equity
			fill in the blank 83
Total liabilities and owner's equity			$fill in the blank 84

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