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$300,000Accounts Receivable450,000 Sales8,925,000Merchandise Inventory375,000 Cost of Merchandise Sold5,620,000Office Supplies10,000 Sales Salaries Expense850,000Prepaid Insurance12,000 Advertising Expense420,000Office Equipment220,000 Depreciation Expense—Store Equipment33,000Accumulated Depreciation—Office Equipment58,000 Miscellaneous Selling Expense18,000Store Equipment650,000 Office Salaries Expense540,000Accumulated Depreciation—Store Equipment87,500 Rent Expense48,000Accounts Payable38,500 Insurance Expense24,000Customer Refunds Payable10,000 Depreciation Expense—Office Equipment10,000Salaries Payable4,000 Office Supplies Expense4,000Note Payable (final payment due in eight years)140,000 Miscellaneous Administrative Exp.6,000Gerri Faber, Capital431,000 Interest Expense12,000Prepare a statement of owner's equity.Kanpur Co.Statement of Owner's EquityFor the Year Ended June 30, 20Y5 $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

The balance sheet represents the financial position of the company including the assets,…

Answered: The following selected accounts and…

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 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 statement of owner's equity.

Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 20Y5
		$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

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