The selected accounts and their current balances appear in the ledger of Kanpur Co$.$ for the fiscal year ended June $30,20$Y$5$:

Cash $$128,700$ Gerri Faber, Drawing $$77,100$

Accounts Receivable $336,100$ Sales $4,653,500$

Merchandise Inventory $391,250$ Cost of Merchandise Sold $2,727,000$

Office Supplies $12,100$ Sales Salaries Expense $766,900$

Prepaid Insurance $9,400$ Advertising Expense $210,900$

Office Equipment $283,300$ Depreciation ExpenseStore Equipment $41,100$

Accumulated DepreciationOffice Equipment $192,500$ Miscellaneous Selling Expense $18,000$

Store Equipment $884,200$ Office Salaries Expense $418,600$

Accumulated DepreciationStore Equipment $283,300$ Rent Expense $61,800$

Accounts Payable $196,000$ Insurance Expense $19,200$

Customer Refunds Payable $30,900$ Depreciation ExpenseOffice Equipment $30,900$

Salaries Payable $12,500$ Office Supplies Expense $11,300$

Note Payable $($final payment due in eight years$)412,500$ Miscellaneous Administrative Exp. $8,200$

Gerri Faber, Capital $667,350$ Interest Expense $12,500$

Required:

$1.$prepare a multiple$-$step income statement

$2.$ prepare a statement of owners equity

$3.$prepare a balance sheet, assuming that the current portion of the note payable is $$16,500$

Answer rating: 100% (QA)

1 MultipleStep Income Statement Revenues Sales 4653500 Cost of Goods Sold Merchandise Inventory 3912... View the full answer