INTERMEDIATE ACCOUNTING (ACCT 3200B)
10th Edition
ISBN: 9781307660647
Author: SPICELAND
Publisher: MCG/CREATE
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A. Prepare journal entries to record the transactions.B. Present the shareholders' equity on December 31, 2020.
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Prepare an Income statement, a Statement of Retained Earnings, and a Balance Sheet for the year ended December 31, 2020. Make sure to include the titles for each Statement.
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:
1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.
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