Question

help me with the ones i got wrong please

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, 20Y7:

Cash $118,100 Retained Earnings $520,600

Accounts Receivable 317,700 Dividends 70,700

Inventory 359,000 Sales 4,326,000

Estimated Returns Inventory 5,000 Cost of Goods Sold 2,502,200

Office Supplies 11,100 Sales Salaries Expense 703,600

Prepaid Insurance 8,600 Advertising Expense 193,500

Office Equipment 259,900 Depreciation Expense—

Store Equipment

37,700

Accumulated Depreciation—

Office Equipment

176,600 Miscellaneous Selling Expense 16,500

Store Equipment 811,300 Office Salaries Expense 384,100

Accumulated Depreciation—

Store Equipment

259,900 Rent Expense 56,700

Accounts Payable 179,900 Depreciation Expense—

Office Equipment

28,400

Customer Refunds Payable 10,000 Insurance Expense 17,600

Salaries Payable 11,500 Office Supplies Expense 10,400

Note Payable

(final payment due 2024)

377,500 Miscellaneous Administrative Exp. 7,500

Common Stock 69,100 Interest Expense 11,500

Required:

1. Prepare a multiple-step income statement.

Assignment Main.do?invoker=a ssign ments&takeAssignment Session Locator= assignment-take&inprogress-false eBook Calculator Print Item Total property, plant, and equipment 634,700 Total assets 1,454,200 Liabilities Current liabilities: Accounts payable 179,900 Salaries payable v 11,500 Customer refunds payable 10,000 Note payable (current portioh) 201,400 X Total current liabilities Long-term liabilities: 377,500 X Note payable (fong-term portion) 578,900 Total liabilities Stockholders' equity 69,100 Common stock 806,200 Retained earnings 875,300 Total stockholders' equity 1,454,200 Total liabilities and stockholders' equity Previe

Answer 1

Multi-step Income statement : Particulars Amount $ Amount S Sales Revenue Sales revenue 4,326,000 Less: Estimated sales returns and allowances 5,000 Net sales 4,321,000 Cost of goods sold 2,502,200 Gross profit 1,818,800 Operating Expenses Selling expenses Salaries and wages exp 703,600 Advertising expense 193,500 37,700 Depreciation expense -store equipment Miscellaneous selling expenses 16,500 951,300 Administrative Expenses Office salaries expense 384,100 Rent expense 56,700 Insurance expense 17,600 Office Supplies expense 10,400 Depreciation expense - Office equipment 28,400 Miscellaneous administrative expenses 504,700 7,500 Income from operations 362,800 Other expenses Interest expense 11,500 Net Income 351,300