Question: The following selected accounts and their current balances appear in

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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