Solution-How report-form and account-form balance sheets

How report-form and account-form balance sheets differ

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Reference no: EM13555732

Multiple-step income statement and report form of balance sheet

The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2014:

Cash	$ 92,000	Sales	$9,175,000
Accounts Receivable	450,000	Sales Returns and Allowances	160,000
Merchandise Inventory	375,000	Sales Discounts	90,000
Office Supplies	10,000	Cost of Merchandise Sold	5,620,000
Prepaid Insurance	12,000	Sales Salaries Expense	850,000
Office Equipment	220,000	Advertising Expense	420,000
Accumulated Depreciation-		Depreciation Expense-
Office Equipment	58,000	Store Equipment	33,000
Store Equipment	650,000	Miscellaneous Selling Expense	18,000
Accumulated Depreciation-		Office Salaries Expense	540,000
Store Equipment	87,500	Rent Expense	48,000
Accounts Payable	48,500	Insurance Expense	24,000
Salaries Payable	4,000	Depreciation Expense-
Note Payable		Office Equipment	10,000
(final payment due 2032)	140,000	Office Supplies Expense	4,000
Capital Stock	50,000	Miscellaneous Administrative Exp.	6,000
Retained Earnings	381,000	Interest Expense	12,000
Dividends	300,000

Instructions

1. Prepare a multiple-step income statement.

2. Prepare a retained earnings statement.

3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $7,000.

4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.

Reference no: EM13555732

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How report-form and account-form balance sheets differ

Reference no: EM13555732

Reference no: EM13555732

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