Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear...

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Accounting

Multiple-Step Income Statement and Report Form of BalanceSheet

The following selected accounts and their current balancesappear in the ledger of Kanpur Co. for the fiscal year ended June30, 2019:

Cash$111,300Gerri Faber, Drawing$66,700
Accounts Receivable302,100Sales4,025,000
Merchandise Inventory338,400Cost of Merchandise Sold2,358,600
Estimated Returns Inventory13,350Sales Salaries Expense663,300
Office Supplies10,500Advertising Expense182,400
Prepaid Insurance8,100Depreciation Expense—Store Equipment35,500
Office Equipment245,000Miscellaneous Selling Expense15,600
Accumulated Depreciation—Office Equipment166,500Office Salaries Expense362,100
Store Equipment764,800Rent Expense53,500
Accumulated Depreciation—Store Equipment245,000Insurance Expense16,600
Accounts Payable169,500Depreciation Expense—Office Equipment26,700
Customer Refunds Payable26,700Office Supplies Expense9,800
Salaries Payable10,800Miscellaneous Administrative Exp.7,100
Note Payable (final payment due 2032)355,000Interest Expense10,800
Gerri Faber, Capital603,750

1. Prepare a multiple-step incomestatement.

2. Prepare a statement of owner's equity.

3. Prepare a balance sheet, assuming that thecurrent portion of the note payable is $14,200.

4. Which type of income statement showsintermediate balances?

I think that I know some of these answers but I am concernedthat I am getting the wrong answers.

Answer & Explanation Solved by verified expert
4.4 Ratings (878 Votes)
Kanpur Co Income Statement For the Year Ended June 30 2019 Sales 4025000 Cost of Merchandise sold 2358600 Gross Profit 4025000 2358600 1666400 Operating expenses Selling Operating Expenses Sales Salaries Expense 663300 Advertising Expense 182400 Depreciation Expense Store Equipment 35500 Miscellaneous Selling Expenses 15600 Total Selling Operating Expenses 896800 Administrative Operating Expenses Office Salaries Expense    See Answer
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