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Question - Multiple-step income statement and balance sheet - The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7:
Cash
$118,400
Retained Earnings
$521,700
Accounts Receivable
315,600
Dividends
70,900
Inventory
359,800
Sales
4,335,600
Estimated Returns Inventory
5,000
Cost of Goods Sold
2,507,800
Office Supplies
11,200
Sales Salaries Expense
705,200
Prepaid Insurance
8,600
Advertising Expense
193,900
Office Equipment
260,500
Depreciation Expense- Store Equipment
37,800
Accumulated Depreciation- Office Equipment
177,000
Miscellaneous Selling Expense
16,600
Store Equipment
813,100
Office Salaries Expense
385,000
Accumulated Depreciation- Store Equipment
Rent Expense
56,800
Accounts Payable
180,300
Depreciation Expense- Office Equipment
28,400
Customer Refunds Payable
10,000
Insurance Expense
17,600
Salaries Payable
11,500
Office Supplies Expense
10,400
Note Payable (final payment due 2024)
377,500
Miscellaneous Administrative Exp.
7,600
Common Stock
67,600
Interest Expense
Required -
1. Prepare a multiple-step income statement.
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 $18,875.
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