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Single-step income Statement and balance sheet Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30. 20Y7. arc presented in Problem 5-5B. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 13. 2. Prepare a statement of stockholders’ equity. Additional common stock of $7.500 was issued during the year ended June 30. 20Y7. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. 4. Prepare closing entries as of June 30, 20Y7.
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
Single-step income Statement and balance sheet
Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30. 20Y7. arc presented in Problem 5-5B.
Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 13.
2. Prepare a statement of stockholders’ equity. Additional common stock of $7.500 was issued during the year ended June 30. 20Y7.
3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000.
4. Prepare closing entries as of June 30, 20Y7.
(1)
Prepare the income statement of Company K for the year ended June 30, 20Y7.
Explanation of Solution
Single-step income statement format in which a single subtotal of all revenue items are listed in one column and a single subtotal of all expense items including cost of goods sold are listed in another column. Thus, the subtotal of all expense items is deducted from the subtotal of all revenue items to arrive at the net income at the bottom of the statement.
The following is the income statement of Company K.
|
Company K Income Statement For the Year Ended June 30, 20Y7 | ||
| Particulars | Amount ($) | Amount ($) |
| Sales | Â | |
(2)
Prepare the stockholders’ equity statement of Company K for the year ended June 30, 20Y7.
(3)
Prepare the balance sheet of Company K for the year ended June 30, 20Y7.
(4)
Record the closing entries of Company K.
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