Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2018, are presented in Problem 5-5B.

Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 12.
2. Prepare a retained earnings statement.
3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000.
4. Prepare closing entries as of June 30, 2018.
Exhibit 12: Single-Step Income Statement

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5,000 10,000 12,000 Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Accumulated Depreciation- Miscellaneous Selling Expense Office Salaries Expense 58,000 Accumulated Depreciation- 38,500 Depreciation Expense- Customers Refunds Payable Office Equipment Office Supplies Expense Miscellaneous Administrative 4,000 (final payment due 2034) NetSolutions Income Statement For the Year Ended December 31, 2019 Revenues: Sales Rent revenue $708,255 600 $708,855 Total revenues Expenses: Cost of goods sold. Selling expenses $520,305 70,820 34,890 2,440 Interest expense Total expenses $ 80,400