90.2K

Verified Solution

Link Copied!

Single-step income statement and balance sheet Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2017, are shown below. $381,000 300,000 8,925,000 5,620,000 850,000 420,000 33,000 Cash $92,000 Retained Earnings Accounts Receivable 450,000 Dividends Inventory 370,000 Sales Estimated Returns Inventory 5,000 Cost of Goods Sold Office Supplies 10,000 Sales Salaries Expense Prepaid Insurance 12,000 Advertising Expense Office Equipment 220,000 Depreciation Expense-Store Equipment Accumulated Depreciation-Office Equipment 58,000 Miscellaneous Selling Expense Store Equipment 650,000 Office Salaries Expense Accumulated Depreciation-Store Equipment 87,500 Rent Expense Accounts Payable 38,500 Insurance Expense Customers Refunds Payable 10,000 Depreciation Expense-Office Equipment Salaries Payable 4,000 Office Supplies Expense Note Payable (final payment due in 20 years) 140,000 Miscellaneous Administrative Expense Common Stock 50,000 Interest Expense 18,000 540,000 48,000 24,000 10,000 4,000 6,000 12,000 Required: 1. Prepare a single-step income statement 1. Prepare a single-step income statement. KANPUR CO. Income Statement For the Year Ended June 30, 2017 Expenses: Total expenses 2. Prepare a statement of stockholders' equity. Additional common stock of $7,500 was issued during the year ended June 30, 2017. Kanpur Co. Statement of Stockholders' Equity For the Year Ended June 30, 2017 Common Stock Retained Earnings Total Chp 5 Makeup Hmwk eBook Calculator 3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. KANPUR CO. Balance Sheet June 30, 2017 Property, plant, and equipment: eBook Calculator Makeup Hmwk Sur current asses operty, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 4. Prepare dosing entries as of June 30, 20Y7 in the order as presented in the chapter. If an amount box does not require an entry, leave it blank Date Account Debit Credit 2017 June 30 2017 June 30 June 30

Answer & Explanation Solved by verified expert

See Answer