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Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2018 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment 58,000 Miscellaneous Selling Expense Store Equipment Accumulated Depreciation-Store Equipment 87,500 Rent Expense Accounts Payable Customers Refunds Payable $92,000 Retained Earnings 450,000 Dividends 370,000 Sales $381,000 300,000 8,925,000 5,000 Cost of Goods Sold 10,000 Sales Salaries Expense 12,000 Advertising Expense 5,620,000 850,000 420,000 220,000 Depreciation Expense-Store Equipment 33,000 18,000 540,000 48,000 24,000 10,000 Depreciation Expense-Office Equipment 10,000 4,000 6,000 650,000 Office Salaries Expense 38,500 Insurance Expense Salaries Payable Note Payable (final payment due 2034)140,000 Common Stock 4,000 Office Supplies Expense Miscellaneous Administrative Exp. 50,000 Interest Expense 12,000 Required: 1. Prepare a multiple-step income statement.
1. Prepare a multiple-step income statement. KANPUR CO Income Statement For the Year Ended June 30, 2018 Expenses: Selling expenses: Total selling expenses Administrative expenses:
Total administrative expenses Total operating expenses 2. Prepare a retained earnings statement. KANPUR CO. Retained Earnings Statement For the Year Ended June 30, 2018 3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000.
3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. KANPUR CO. Balance Sheet June 30, 2018 Assets assets: Total current assets Property, plant and equipment
Liabilities lia bilit Total current liabilities Long-term liabilities: Total liabilities Stockholders equity Total stockholders equity Total liabilities and stockholders equity . Which type of income statement shows intermediate balances?
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Answer #1

Answer to Question 1: (Multi-step Income Statement of Kanpur Co.)

Question 1 Kanpur Co Income Statement for the year ended June 30, 2018 Amount in Dollars Sales Cost of goods sold Gross Profi

Answer to Question 1: (Multi-step Income Statement of Kanpur Co.)

Administrative expenses Office salaries expense Rent expense Insurance expense Depreciation expense office equipment Office supplies expense Miscellaneous administrative expense 5,40,000 48,000 24,000 10,000 4,000 6,000 (540,000 + 48,000 24,000 10,000 Total administrative expense Total operating expense Income from operations Other expense 6,32,000 4000 6000) 19,53,000 |(13,21,0006,32,000) 13,52,000 (33,05,000 19,53,000) Interest expense Net Income 12,000 13,40,000 (13,52,000 -12,000) In a multi-step income statement, gross margin is shown as well as segregration is done between operating and non-operating income and expense and represented separately

Answer to Question 2: Statement of Retained earnings

Answer to Question 3: Balance Sheet of Kanpur Co.

Question 3 Kanpur Co Balance Sheet June 30, 2018 Assets: Current Assets Cash Accounts Receivable Inventory Estimated returns inventory Office supplies Prepaid Insurance Total current assets $ 92,000 $ 4,50,000 $ 3,70,000 $ 5,000 $ 10,000 $ 12,000 $ 9,39,0010 Property, plant & equipment Office equipment Less: Accumulated Depreciation Office equipment $ 2,20,000 $ 58,000 1,62,000 (220,000 58,000)

Answer to Question 3: Balance sheet of Kanpur Co.

Answer to Question 3 and 4:

Stockholders equity Common stock Retained earnings Total Stockholders equity S 50,000 S 14,21,000 $ 14,71,000 Total Liabilities and stockholders equity 16,63,500 (192,500 14,71,000) Question 4 The income statement that shows intermediate balance is Multi Step Income Statement p income statement, gross profit and operating income as well as non-operating expenses and income are reported, which is not the same in the case of single statement, which deducts total of all expenses from total revenue in one single step.

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