Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are
Question:
Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are presented in Problem 6-5B.
Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 11.
2. Prepare a statement of owner’s equity.
3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $7,000.
4. Prepare closing entries as of June 30, 2016.
Exhibit 11:
Data From Problem 6-5B:
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2016:
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1 SingleStep Income Statement Revenues Amount Sales 650000 Total Revenues 650000 Expenses Amount Cos...View the full answer
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Related Book For 
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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