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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-
58,000
Store Equipment
33,000
650,000
Miscellaneous Selling Expense
18,000
Office Salaries Expense
540,000
87,500
Rent Expense
48,000
Accounts Payable
48,500
Insurance Expense
24,000
Salaries Payable
4,000
Note Payable
(final payment due 2032)
140,000
Office Supplies Expense
Capital Stock
50,000
Miscellaneous Administrative Exp.
6,000
Retained Earnings
381,000
Interest Expense
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.
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