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 $92,000   Retained Earnings $381,000 Accounts Receivable 450,000   Dividends 300,000 Inventory 370,000   Sales 8,925,000 Estimated Returns Inventory 5,000   Cost of Goods Sold 5,620,000 Office Supplies 10,000   Sales Salaries Expense 850,000 Prepaid Insurance 12,000   Advertising Expense 420,000 Office Equipment 220,000   Depreciation Expense—Store Equipment 33,000 Accumulated Depreciation—Office Equipment 58,000   Miscellaneous Selling Expense 18,000 Store Equipment 650,000   Office Salaries Expense 540,000 Accumulated Depreciation—Store Equipment 87,500   Rent Expense 48,000 Accounts Payable 38,500   Insurance Expense 24,000 Customers Refunds Payable 10,000   Depreciation Expense—Office Equipment 10,000 Salaries Payable 4,000   Office Supplies Expense 4,000 Note Payable (final payment due 2034) 140,000   Miscellaneous Administrative Exp. 6,000 Common Stock 50,000   Interest Expense 12,000   Required: 1.  Prepare a multiple-step income statement. KANPUR CO.Income StatementFor 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 StatementFor the Year Ended June 30, 2018                               3.  Prepare a balance sheet, assuming that the current portion of the note payable is $7,000.   KANPUR CO.Balance SheetJune 30, 2018 Assets Current assets:                                                       Total current assets       Property, plant and equipment:                                       Total property, plant and equipment       Total assets       Liabilities Current liabilities:                                       Total current liabilities       Long-term liabilities:               Total liabilities       Stockholders' equity                 Total stockholders' equity       Total liabilities and stockholders' equity       4.  Which type of income statement shows intermediate balances?

A company reports the following income statement and balance sheet information for the current year: Net income $132,370 Interest expense      11,510 Average total assets 2,180,000 Determine the return on total assets. Round the percentage to one decimal place.fill in the blank  %

A company reports the following income statement and balance sheet information for the current year: Net income $128,290 Interest expense      11,157 Average total assets 1,811,000 Determine the return on total assets. Round the percentage to one decimal place.fill in the blank 1 %

Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $55,900; total assets, $189,400; common stock. $87,000, and retained earnings, $29,103.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement For Current Year Ended December 311 $455,600 298,450 157,150 99,000 4,400 53,758 21,653 $ 32,097 Sales Cost of goods sold i Gross profit Operating expenses Interest expense Income before taxes Income tax expense. Net income CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $10,000 Accounts payable 8,600 Accrued wages payable 30,400 Income taxes payable: 40,150 Long-term note payable, secured by mortgage on plant assets 2,550 Common stock 148,300 Retained earnings $ 240,000 Total liabilities and equity $ 17,500 5,000 3,900…