Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $116,600 Gerri Faber, Drawing $69,800 Accounts Receivable 311,000 Sales 4,216,400 Merchandise Inventory 354,500 Cost of Merchandise Sold 2,470,900 Estimated Returns Inventory 14,000 Sales Salaries Expense 694,800 Office Supplies 11,000 Advertising Expense 191,100 Prepaid Insurance 8,500 Depreciation Expense—Store Equipment 37,200 Office Equipment 256,700 Miscellaneous Selling Expense 16,300 Accumulated Depreciation—Office Equipment 174,400 Office Salaries Expense 379,300 Store Equipment 801,200 Rent Expense 56,000 Accumulated Depreciation—Store Equipment 256,700 Insurance Expense 17,400 Accounts Payable 177,600 Depreciation Expense—Office Equipment 28,000 Customer Refunds Payable 28,000 Office Supplies Expense 10,300 Salaries Payable 11,300 Miscellaneous Administrative Exp. 7,400 Note Payable (final payment due 2032) 372,500 Interest Expense 11,300 Gerri Faber, Capital 626,400 Required: 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 2019 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2. Prepare a statement of owner's equity. Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2019 3. Prepare a balance sheet, assuming that the current portion of the note payable is $14,900. Kanpur Co. Balance Sheet June 30, 2019 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Owner's equity Total liabilities and owner's equity 4. Which type of income statement shows intermediate balances?
Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $116,600 Gerri Faber, Drawing $69,800 Accounts Receivable 311,000 Sales 4,216,400 Merchandise Inventory 354,500 Cost of Merchandise Sold 2,470,900 Estimated Returns Inventory 14,000 Sales Salaries Expense 694,800 Office Supplies 11,000 Advertising Expense 191,100 Prepaid Insurance 8,500 Depreciation Expense—Store Equipment 37,200 Office Equipment 256,700 Miscellaneous Selling Expense 16,300 Accumulated Depreciation—Office Equipment 174,400 Office Salaries Expense 379,300 Store Equipment 801,200 Rent Expense 56,000 Accumulated Depreciation—Store Equipment 256,700 Insurance Expense 17,400 Accounts Payable 177,600 Depreciation Expense—Office Equipment 28,000 Customer Refunds Payable 28,000 Office Supplies Expense 10,300 Salaries Payable 11,300 Miscellaneous Administrative Exp. 7,400 Note Payable (final payment due 2032) 372,500 Interest Expense 11,300 Gerri Faber, Capital 626,400 Required: 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 2019 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2. Prepare a statement of owner's equity. Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2019 3. Prepare a balance sheet, assuming that the current portion of the note payable is $14,900. Kanpur Co. Balance Sheet June 30, 2019 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Owner's equity Total liabilities and owner's equity 4. Which type of income statement shows intermediate balances?
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Multiple-Step Income Statement and Report Form of
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:
Cash | $116,600 | Gerri Faber, Drawing | $69,800 | |
311,000 | Sales | 4,216,400 | ||
Merchandise Inventory | 354,500 | Cost of Merchandise Sold | 2,470,900 | |
Estimated Returns Inventory | 14,000 | Sales Salaries Expense | 694,800 | |
Office Supplies | 11,000 | Advertising Expense | 191,100 | |
Prepaid Insurance | 8,500 | 37,200 | ||
Office Equipment | 256,700 | Miscellaneous Selling Expense | 16,300 | |
174,400 | Office Salaries Expense | 379,300 | ||
Store Equipment | 801,200 | Rent Expense | 56,000 | |
Accumulated Depreciation—Store Equipment | 256,700 | Insurance Expense | 17,400 | |
Accounts Payable | 177,600 | Depreciation Expense—Office Equipment | 28,000 | |
Customer Refunds Payable | 28,000 | Office Supplies Expense | 10,300 | |
Salaries Payable | 11,300 | Miscellaneous Administrative Exp. | 7,400 | |
Note Payable (final payment due 2032) | 372,500 | Interest Expense | 11,300 | |
Gerri Faber, Capital | 626,400 |
Required:
1. Prepare a multiple-step income statement.
Kanpur Co. Income Statement For the Year Ended June 30, 2019 |
|||
---|---|---|---|
Expenses: | |||
Selling expenses: | |||
Total selling expenses | |||
Administrative expenses: | |||
Total administrative expenses | |||
Total operating expenses | |||
2. Prepare a statement of owner's equity.
Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2019 |
||
---|---|---|
3. Prepare a balance sheet, assuming that the current portion of the note payable is $14,900.
Kanpur Co. Balance Sheet June 30, 2019 |
|||
---|---|---|---|
Assets | |||
Current assets: | |||
Total current assets | |||
Property, plant, and equipment: | |||
Total property, plant, and equipment | |||
Total assets | |||
Liabilities | |||
Current liabilities: | |||
Total current liabilities | |||
Long-term liabilities: | |||
Total liabilities | |||
Owner's equity | |||
Total liabilities and owner's equity |
4. Which type of income statement shows intermediate balances?
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