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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 6, Problem 6PB
Textbook Problem
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Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2019, are presented in Problem 6-5B.

Instructions

  1. 1. Prepare a single-step income statement in the format shown in Exhibit 12.
  2. 2. Prepare closing entries as of June 30, 2019.

(1)

To determine

Prepare the income statement of Company K for the year ended June 30, 2019.

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, 2019

ParticularsAmount ($)Amount ($)
Sales 

(2)

To determine

Record the closing entries of Company K.

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Chapter 6 Solutions

Financial Accounting
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