90.2K

Verified Solution

Link Copied!

I need 1-4

thescalsselected accounts and their current balances appear in the ledger of Kan Obi a for the fiscal year ended June 30, 2018: Itiple-step income statement and balance sheet The following selected accounts and 92000 Retained Earnings 450,000 Dividends 370,000 Sales $381,000 300,000 8,925,000 5,620,000 850,000 420,000 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation 5,000 Cost of Goods Sold 0,000 Sales Salaries Expense 12,000 Advertising Expense 20,000 Depreciation Expense- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense 33,000 18,000 540,000 48,000 24,000 58,000 650,000 Store Equipment Accounts Payable Customers Refunds Payable Salaries Payable Note Payable 87,500 Insurance Expense 38,500 Depreciation Expense- 0,000 Office Equipment ,000 Office Supplies Expense 10,000 4,000 Miscellaneous Administrative (final payment due 2034) Common Stock 40,000 Exp. 6,000 12,000 50,000 Interest Expense 279 Chapter 5 Accounting for Merchandising Businesses Instructions 1. Prepare a multiple-step income statement. 2. Prepare a retained earnings statement. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. 4Briefly explain how multiple-step and single-step income statements differ

Answer & Explanation Solved by verified expert

See Answer