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.
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