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The following selected accounts and their current balances appear in the ledger of Kanpur Co. for...

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.

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ekkarill92 answered 3 years ago
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