Question

The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:

Cash	$121,900		Gerri Faber, Drawing	$73,000
Accounts Receivable	324,900		Sales	4,405,500
Merchandise Inventory	370,400		Cost of Merchandise Sold	2,581,700
Estimated Returns Inventory	14,650		Sales Salaries Expense	726,000
Office Supplies	11,500		Advertising Expense	199,600
Prepaid Insurance	8,900		Depreciation Expense—Store Equipment	38,900
Office Equipment	268,200		Miscellaneous Selling Expense	17,000
Accumulated Depreciation—Office Equipment	182,200		Office Salaries Expense	396,300
Store Equipment	837,100		Rent Expense	58,500
Accumulated Depreciation—Store Equipment	268,200		Insurance Expense	18,100
Accounts Payable	185,600		Depreciation Expense—Office Equipment	29,300
Customer Refunds Payable	29,300		Office Supplies Expense	10,700
Salaries Payable	11,900		Miscellaneous Administrative Exp.	7,800
Note Payable (final payment due 2032)	390,000		Interest Expense	11,900
Gerri Faber, Capital	653,650

Required:

1. Prepare a multiple-step income statement.

Answer 1

If you have any doubts ask in comments section

Do rate the answer