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 Required: 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 20Y5 $fill in the blank 2 fill in the blank 4 $fill in the blank 6 Expenses: Selling expenses: $fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 Total selling expenses $fill in the blank 15 Administrative expenses: $fill in the blank 17 fill in the blank 19 fill in the blank 21 fill in the blank 23 fill in the blank 25 fill in the blank 27 Total administrative expenses fill in the blank 28 Total operating expenses fill in the blank 29 $fill in the blank 31 fill in the blank 34 $fill in the blank 36
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 Required: 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 20Y5 $fill in the blank 2 fill in the blank 4 $fill in the blank 6 Expenses: Selling expenses: $fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 Total selling expenses $fill in the blank 15 Administrative expenses: $fill in the blank 17 fill in the blank 19 fill in the blank 21 fill in the blank 23 fill in the blank 25 fill in the blank 27 Total administrative expenses fill in the blank 28 Total operating expenses fill in the blank 29 $fill in the blank 31 fill in the blank 34 $fill in the blank 36
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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Question
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 | $300,000 | |
Accounts Receivable | 450,000 | Sales | 8,925,000 | |
Merchandise Inventory | 375,000 | Cost of Merchandise Sold | 5,620,000 | |
Office Supplies | 10,000 | Sales Salaries Expense | 850,000 | |
Prepaid Insurance | 12,000 | Advertising Expense | 420,000 | |
Office Equipment | 220,000 | 33,000 | ||
58,000 | Miscellaneous Selling Expense | 18,000 | ||
Store Equipment | 650,000 | Office Salaries Expense | 540,000 | |
Accumulated Depreciation—Store Equipment | 87,500 | Rent Expense | 48,000 | |
Accounts Payable | 38,500 | Insurance Expense | 24,000 | |
Customer Refunds Payable | 10,000 | Depreciation Expense—Office Equipment | 10,000 | |
Salaries Payable | 4,000 | Office Supplies Expense | 4,000 | |
Note Payable (final payment due in eight years) | 140,000 | Miscellaneous Administrative Exp. | 6,000 | |
Gerri Faber, Capital | 431,000 | Interest Expense | 12,000 |
Required:
1. Prepare a multiple-step income statement.
Kanpur Co. Income Statement For the Year Ended June 30, 20Y5 |
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---|---|---|---|
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$fill in the blank 2 | ||
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fill in the blank 4 | ||
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$fill in the blank 6 | ||
Expenses: | |||
Selling expenses: | |||
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$fill in the blank 8 | ||
|
fill in the blank 10 | ||
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fill in the blank 12 | ||
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fill in the blank 14 | ||
Total selling expenses | $fill in the blank 15 | ||
Administrative expenses: | |||
|
$fill in the blank 17 | ||
|
fill in the blank 19 | ||
|
fill in the blank 21 | ||
|
fill in the blank 23 | ||
|
fill in the blank 25 | ||
|
fill in the blank 27 | ||
Total administrative expenses | fill in the blank 28 | ||
Total operating expenses | fill in the blank 29 | ||
|
$fill in the blank 31 | ||
|
|||
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fill in the blank 34 | ||
|
$fill in the blank 36 |
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