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
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
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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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 | $300,000 | |
450,000 | Sales | 8,925,000 | ||
Merchandise Inventory | 375,000 | Cost of Merchandise Sold | 5,620,000 | |
Office Supplies | 10,000 | Sales Salaries Expense | 850,000 | |
Prepaid Insurance | 12,000 | Advertising Expense | 420,000 | |
Office Equipment | 220,000 | 33,000 | ||
Accumulated Depreciation—Office Equipment | 58,000 | Miscellaneous Selling Expense | 18,000 | |
Store Equipment | 650,000 | Office Salaries Expense | 540,000 | |
Accumulated Depreciation—Store Equipment | 87,500 | Rent Expense | 48,000 | |
Accounts Payable | 38,500 | Insurance Expense | 24,000 | |
Customer Refunds Payable | 10,000 | Depreciation Expense—Office Equipment | 10,000 | |
Salaries Payable | 4,000 | Office Supplies Expense | 4,000 | |
Note Payable (final payment due in eight years) | 140,000 | Miscellaneous Administrative Exp. | 6,000 | |
Gerri Faber, Capital | 431,000 | Interest Expense | 12,000 |
Prepare a statement of owner's equity.
Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 20Y5 |
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$fill in the blank 38 | |
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$fill in the blank 40 | |
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fill in the blank 42 | |
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fill in the blank 44 | |
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$fill in the blank 46 |
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