Question

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


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
(b) How report-form and account-form balance sheetsdiffer.


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  • CreatedFebruary 28, 2014
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