Question

Prepare a statement of stockholder's equity. Additional common stock of 7,500 was issued during the year ended June 30, 20Y7.

meAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Calculator 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: $381,000 300,000 Cash $92,000 Retained Earnings Accounts Receivable 450,000 Dividends Inventory 370,000 Sales Estimated Returns Inventory 5,000 Cost of Goods Sold Office Supplies 10,000 Sales Salaries Expense Prepaid Insurance 12,000 Advertising Expense Office Equipment 220,000 Depreciation Expense-Store Equipment Accumulated Depreciation - Office Equipment 58,000 Miscellaneous Selling Expense Store Equipment 650,000 Office Salaries Expense Accumulated Depreciation --Store Equipment 87,500 Rent Expense Accounts Payable 38,500 Insurance Expense Customers Refunds Payable 10,000 Depreciation Expense-Office Equipment Salaries Payable 4,000 Office Supplies Expense Note Payable (final payment due in 20 years) 140,000 Miscellaneous Administrative Exp. Common Stock 50,000 Interest Expense 8,925,000 5,620,000 850,000 420,000 33,000 18,000 540,000 48,000 24,000 10,000 4,000 6,000 12,000

Answer 1

Summary of Income Statement Amount in $ Notes 89,25,000.00 56,20,000.00 33,05,000.00 A Particulars Sales Less - Cost of goods sold Gross Profit Expenses Administrative Expenses Office Supplies expenses Office Salary expenses Rent Expenses Insurance Expenses Miscellaneous Administrative Expenses Interest expenses Selling Expenses Sales salry expenses Advertisinf expenses Miscellaneous Selling Expenses Other Expenses Depreciation 4,000.00 5,40,000.00 48,000.00 24,000.00 6,000.00 12,000.00 6,34,000.00 B 8,50,000.00 4,20,000.00 18,000.00 12,88,000.00 C 43,000.00 43,000.00 D Net Profit transferred to retained earnings 13,40,000.00 A-B-C-D Amount Notes 50,000.00 7,500.00 57,500.00 A Statemement of Share holders's Equity Particulars Common Stock Opening Add- Additional Common Stock issued Total Retained Earnings Opening Less - Dividends Paid Add-Net Profit Total Total Shareholder's Equity 3,81,000.00 -3,00,000.00 13,40,000.00 14,21,000.00 B 14, 78,500.00