OPTIONS FOR #4 ARE: A) MULTIPLE STEP or B) SINGLE STEP

Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2017: Cash $111,000 Retained Earnings $489,200 Accounts Receivable 298,600 Dividends 66,500 Inventory 337,400 Sales 4,065,700 Estimated Returns Inventory 5,000 Cost of Goods Sold 2,351,700 Office Supplies 10,500 Sales Salaries Expense 661,300 Prepaid Insurance 8,100 Advertising Expense 181,900 Office Equipment 244,300 Depreciation Expense- Store Equipment 35,400 Accumulated Depreciation- Office Equipment Miscellaneous Selling Expense 15,500 166,000 Store Equipment 762,500 Office Salaries Expense 361,000 Accumulated Depreciation- Store Equipment Rent Expense 53,300 244,300 Accounts Payable 169,000 Depreciation Expense- Office Equipment 26,700 Customer Refunds Payable 10,000 Insurance Expense 16,500 Salaries Payable 10,800 Office Supplies Expense 9,800 Note Payable (final payment due 2024) Miscellaneous Administrative Exp. 7,100 355,000 Common Stock 64,900 Interest Expense 10,800 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 2017 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2. Prepare a statement of stockholders' equity. Additional common stock of $7,500 was issued during the year ended June 30, 2017. Kanpur Co. Statement of Stockholders' Equity For the Year Ended June 30, 20Y7 Common Stock Retained Earnings Total 3. Prepare a balance sheet, assuming that the current portion of the note payable is $17,750. KANPUR CO. Balance Sheet June 30, 2017 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 4. Which type of income statement shows intermediate balances